Is news an essential service in a democratic society, and one we should be concerned about today,

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Question:

Is news an "essential" service in a democratic society, and one we should be concerned about today, given the dire state of the news industry (layoffs, closures, etc.)? Or can social media and the Internet fill the void that is being left with the decline of journalism? Or are social media and the Internet part of the problem, due to how they contribute to fake news and disinformation