Citizenry will do what they always have: accept the narrative that benefits them the most or that they've been indoctrinated to accept without questioning. The Internet isn't going to magically change human nature.
That doesn't mean that we need a Ministry of Truth a la Brazil or 1984, but this isn't an either-or issue. The Fairness Doctrine[0] was a fairly nice compromise. We have long required advertisers to be truthful, even using the extremely broad standard of "truth" set by the FTC. Why shouldn't news organizations be held to a similar ethical or moral standard? Does it benefit society if the only opinions broadcast as fact are filtered by corporate interests? That may be better than being filtered by government interests, but it's still not in the best interests of the public, is it?
0: https://en.wikipedia.org/wiki/FCC_fairness_doctrine