The not-for-profit media that we have has the same problem with artificial "fairness" that directs its coverage. It's not so much that for-profit media is awesome, as it is the alternatives seem no better, or worse. The profit motive isn't the primary offender here; nobody was worse at covering the election than the New York Times, and the reason why is not because they were trying to sell more papers.
While Lexicus has a point that sensationalism sells, I tend to agree that the commitment to "fairness" was a more substantial problem in the election. If the news media broadly (for-profit or otherwise) had seen fit to hold Trump up as an object of ridicule (like they would treat, say, a neo-Nazi) rather than effectively legitimizing him through treating him in a "fair" manner, then I think Trump loses.
Now, before you say, "But the late-night media ridiculed Trump!" it is important to realize that they do that to
everybody. If you're at all conversant with US Civil War history - imagine what they would have said about Lincoln at the time. Or Churchill in 1940, if you're from that part of the world.
Losing Carson wasn't what troubled Johnson. It was losing Cronkite that mattered. Sure, no one (except possibly the Fox slice of the electorate) trusts any given outlet the way people trusted Cronkite, but if you believe Zaller's model of political survey response (which remains the gold standard) then the signals the more centrist outlets send do matter.
Where the profit motive becomes a substantial problem is in editorial decisions about what to run as a story. For example, in the health care debate in the United States, you almost never hear about the huge inefficiencies that private insurers introduce into the system because they fully participate in the benefits of finding excuses to deny care but do not fully participate in the administrative expenses associated with those systems (which are partially borne by doctors/hospitals and state regulators). The insane result is that (per the NYT), between people the insurer employs to deny things and people that doctors employ to get necessary care approved (and legitimate claims paid), there are TEN people employed by the US health care system for every doctor that sees patients. TEN.
Another good example is the recent, multi-billion dollar Medicare Advantage fraud perpetrated by United Healthcare that DOJ sued them over - unless you read print media, you didn't hear about it. That's in part because the story is somewhat complex, but you might also have noticed a recent series of television ads on the major networks run by United's Optum subsidiary. If you think that the two aren't related, then you're naive.
Money talks. Sometimes, it even does it with Brian Johnson's voice. Though in the wake of Citizens United, it generally tends to speak with a more subtle and insidious voice. It's more like the Anthony Hopkins portrayal of Hannibal Lecter than Brian Johnson's frog-croak-crossed-with-a-stepped-on-cat. (And I'm a fan wearing the Back In Black concert shirt at the moment to prove it, if you're wondering.)