Nationalizing Media

Hypothesis: I've been wondering if nationalizing media agencies would open free speech & information

Premise: currently, the media appears to be corporatized (profit controlling the individual) rather than nationalized (public monitoring the public ~4th estate) and vital issues ignored or distorted

Argument: if each citizen supervised (not own) a quota in news agencies, would that encourage competition, form a sort of 'checks & balance' system ["information of, for & by the people"] and adjust the 'bottom' line' of commercial media trusts?

1) information seems to serve a different function than property in a free market
2) it seems there's a difference between socializing, corporatizing and nationalizing something; the state or company taking from individuals vs. the public monitored by the public

Case: it seems that the founding fathers trusted that the most enlightened agent in the public is the citizen; an ideal complement to correctly restraining the power of government.