A big part of the problem is the blending of opinion and news. On Fox, they have a morning show, that's not a news show, it's a variety show with lot's of opinion, then at some point, like after 3pm, the news readers stop doing what they're doing and they roll out the prime time opinion guys, O'Reilly, Hanity, etc.. A lot of folks take exception to the opinion guys and they co-mingle them so much it's really hard to compare news to news. Personally, I find the morning shows the worst because they trot out a news reader to do some "news" and then just play grab-ass for 2 or 3 hours, talking. To some folks, the Today show is actually news and when Fox and HNN do it, they do inject a very specific brand of bias.
MSNBC and HNN have nearly the same format, a morning variety show with varied opinion, but definitely not a "just news" program, some number of hours of news readers and then opinion guys/gals for primetime.
Nobody from Fox News would ever claim that O'Reilly is a news man (well he might, who knows? His program clearly isn't a news program though, and even he'd say that) same with MSNBC, Olberman nas been very outspoken on the fact that's he's paid to give his opinion, that's the point of his show, and as such, it's not a news program. It was MSNBC that really botched it over the convention coverage and tried to use the prime-time opinion line up for news.
Bottom line though, and it affects papers too, people tend to like to read opinions and editorials and they seem to like to watch it more than they like real news. You non-profit either the papers or the broadcast news and you probably have to dump them. There is probably a greater problem here if you take a step back; ABC,NBC, and CBS have been scaling back news for decades, they're basically down to a 30 minute evening news broadcast and that's about it without some sort of entertainment/investigative journalism spin. More people want to watch Jeopardy than "The News." Making papers non-profit might be a good way to make them cover more news and to protect them a little bit, but it remains unclear to me that people want to actually read news, they kind of like how they get to pick the kinds of "news" they can read or watch on their own and listen to the bias.
Even the financial news has become a sham, and if there is ever something you should be able to report on without bias, it's the markets. They do more cheerleading than real news. They're poopooing Jon Stewart's criticism and he's the wrong messenger but his points are 100% valid. Honestly, I think a whole lot fewer people watch and you can hardly run a 24 network with real news, let alone the dozen or so that we've got. It's hard to put the horse back in the barn.