You may be interested in this infographic:

https://i.insider.com/4fd9ee1e6bb3f7af5700000a?width=1000&format=jpeg&auto=webp

So on one hand, you have a conglomerate-run version of what used to be called the fourth estate - a check on government power.

The media that is not directly controlled by them is balkanized to the point where tribes are just yelling about other tribes.

They're not even engaging directly. They're just screaming from their own sidelines about how evil the other side is.