In the here and now Germany is doing just fine (much better than the US I may add).
As to the banning of newspapers, as the article you link notes, most of these were after 1930, when the republic was already on the ropes and in its death-throws.
Hugenberg on the other hand looks positively harmless in comparison to Murdoch.
For most of the time the Weimar Republic had a thriving press, which much more diversity than what you get in the US these days, running the gumut from Communist to Nationalist media.
To quote from Peter Humphreys book "Mass Media and Media Policy in Western Europe":
"During the Weimar Republic's short lifespan, there flowered a rich diversity of political reporting." (p.22)
And while press freedom wasn't as effectively protected by article 118 as it should have, personal free speech certainly was.