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Notes -
I tend to think that analysis of why the media behaves the way that they do can't be separated from the Internet sucking all of the money out of advertising. The days of major news media sources paying generous salaries for skilled, intelligent investigators with deep knowledge of some beat and at least some sense of ethics are gone, maybe forever, with the drive to the bottom for advertising money.
The only thing that brings in enough money to keep the doors open is clickbait-level reporting and commentary catering to whatever the current audience wants to believe. Anyone not prepared to do that mostly gets driven out, since there's damn little money for anyone else. Even the ownership seems to be mostly people who primarily want to either protect themselves from too-harsh criticism or use them as a weapon to attack their enemies, and so is willing to accept losses or much lower profits than a disinterested investor would expect.
I think skill/intelligence/expertise and having at least some sense of ethics are somewhat different with respect to salary levels. Certainly, it's easier to be ethical if you're well compensated, but I don't think having at least some sense of ethics when doing journalism requires some generous salary that is beyond the capabilities of these companies to pay now, and plenty of not-very-well compensated journalists (and other workers in general) can be and have been known to behave with at least some sense of ethics. If the lower budget to pay salaries means compromising on skills, intelligence, expertise, and ethics, among other things, they could have decided compromise less on ethics at the cost of compromising on other things, so that their journalists would have at least some sense of ethics, even if they weren't up to the same level of skill, intelligence, or deep knowledge of some beat as the other options.
I do think this is likely the biggest factor. It's hard to say exactly what determines how ethical any given journalist or individual in general would behave, but I think the leadership and company culture likely has a lot of influence, moreso than the budgets available for salaries.
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