There is no law that prevents wealthy individuals from purchasing or controlling media outlets, pose as journalists but in reality function as crass propagandists spewing their vile beliefs and prejudices. Sadly there is a large percentage of the population that is susceptible, malleable and controllable.
The key difference is that governments were either ruled by the aristocracy, or in the few instances of republican control, by strict regulation over the franchise.
What we have today is an unholy amalgamation of traditional leveraged media combined with mob rule. The problem isn't the 1A, but IQ.