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Billionaire oligarchs do flex their muscle, but when that happens, we usually hear about it because (a) reporters do predominantly have a "journalistic code" that they try to live by, and (b) there're too many people involved for it not to leak when suppression actively happens.
I think instead, reporters are chilled by pressure in general and become overcautious while rationalizing it as their code. E.g., Trump is a litigious psychopath, an aspiring and now active authoritarian, and reporters probably generally know that. And they wouldn't "cowe" to threats of retribution. But the anxiety of those threats makes them hyper-aware when they write an article, and then overcompensate by removing "bias" when it is merely bias towards reality. Consciously, they are still independent. But effectively, they are pulling punches.
That's how manipulative sociopaths use threats of retribution - it isn't just "I'll make your life hell if you oppose me" and a direct obedience. No, the victim rebels, feels anger, resentment, plans revenge. But over time, they also change their behavior, even if they feel it's tactical and temporary ("pick your battles").
I say this not to be pedantic. I think it's really important to understand what's happening here. "Oligarchs control media" is true in some cases, and I agree it's an enormous problem - that itself is part of the chilling anxiety reporters feel to "triple check" their material, and centralized power is always its own problem - but we have to identify the disease properly if we want to find a cure.
Sounds like a job for an adventuring party