Television news departments were never supposed to be profitable. They were supposed to be a compliance to the original guidelines of the FCC licensing to provide for the 'common good'. You did news so that you could put on all the other entertainment pieces. But at some point this all changed and news became yet another profit center for networks and ratings were tied into them to come up with advertising pricing.
Between that motivation and the new 24 hour news cycles, network tele-journalism lost it's way. Once it bled over into a new medium like the internet where there were literally no controls in place and narrowcasting was the way to build views and ad revenue, we ended up with the echo chamber that now mainly serves to generate clicks and reinforce personal bias.
We still have some great journalism in place in some of the remaining newspapers, but as readership dies (thanks partly to millennials defining it as a dead medium) we're going to lose those credible, researched sources by reporters who actually go out and get stories as opposed to algorithmic re-posting and re-editing of someone else's shit posts.