Joe-bob:

Way back in the mid-80's, as a journalism student in a California State school, the professor acknowledged the role of the editor as the "Gatekeeper" of what news got disseminated to the masses, and that a coterie of these editors got together daily via phone (at that time) and agreed as to what main stories would be published. This was conveyed to us as an example of how the journalism field fulfilled its duties as a responsible "watchdog" of the public, ensuring that important issues were communicated to all.

What if the editors don't have the public interest in mind?

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The Truth is right here... err, wait. Well, it WAS there just moments ago!