Actually I agree with your original premise and would also like to see regulated journalistic standards. I have the same level of trust for self-policed professional bodies as I do for government officials and corporate officers.
The distinction between government granting rights versus human beings having rights that are not to be infringed is an important distinction that many people (even Americans) lose sight of.
Government owned and operated journalism seems to run counter to the 1st amendment, but I don't see anything wrong with legislating standard for journalistic quality. There are several parallels already, FDA ensure drugs and food are safe. FEC ensures elections are fair, why not a Federal agency to ensure news reports are factually accurate and that when mistakes are made corrections are issued?