The problem is that there is no incentive to create shows that inform their viewers in a meaningful way. People who lean one way or the other tend to seek out media that reinforce their beliefs (ie the O'Reilly Factor, or now the O'Franken Factor). Other people either don't seek out news or information at all, or seek it in very small, probably entertaining doses. The media isn't some evil empire; it just tries to provide what people want, and they don't want to spend hours developing complex and accurate views on the issues.
However, within this framework of media, are they betraying the truth in order to get viewers? I think they are in that their primary mission isn't really dependant on what the truth is, or on offering a nuanced and balanced analysis. The media tries to "cut to the chase," and give viewers cues about what they ought to think about issues, rather than simply telling the viewers what the issues are.
I could go on, but this topic is horribly broad.
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