I looked at the Steem community and I saw a world without media. A world where knowledge is generated, distributed- but there is no single body conducting the One True Reality.
I've witnessed the change in the media landscape- moving from print to the internet. But the core quality remained the same- the media were experts on reality.
Unfortunately for them, people are waking up. They are waking up to their own realities. Learning how to build and sustain a world independent of ready-made ideas. The consensus reality starts to sound hollow. 
A world will roll just fine without media. No need for a watchdog turned into a wolf. As long as communities grow together and give their members freedom to be creative, as long as there is no demand to obey the official narrative, all is fine. Steem on!