The same issue applies to government-run news too. You see it with the BBC as a government owned and funded institution. It’s domestic UK news is pro-Monarchy, pro-Tory, and this is because of how it’s set up.
Private news media, when there’s a lot of it, tends to be less biased in the end because they’re trying to compete with each other, meaning they can’t go too far in one overt political slant. When one person controls more and has a wider reach, that dynamic becomes less important as they gain greater control over where journalists go and what events they cover.
I support public news media, but community-owned papers would avoid the monopolistic issue of either corporate consolidation or a government funded alternative.