Money is a broad term, and can mean quite a few things. VC money had little to do, and the changes were already at play before VC was even invented.
Changes in the media environment began with radio, the reduction of funding, the decision of some media channels to move away from factual reporting, and then the internet.
Verification is expensive, and the death of local news and consolidation of news, has been eroding the ability of the market place of ideas to have ideas compete fairly.
Once the internet came out, the end of classifieds was the death knell for most journalism. Even today the NYT manages stays afloat because of its games, not because people pay for journalism.
Sadly, it is even cheaper to report on things when you don’t care about accuracy
I remember how environmental science was eviscerated on Fox, and the amazing “teach the controversy” angle of attack against evolution, to push forward creationism and intelligent design.
I highly recommend Network Propaganda by Yochai Benkler and co. Not only do they provide a history of how the American media environment changed, but they also gather and analyze data on how social media use and media consumption intersect.