No, governments should not bail out journalism, because state-sponsored media is not trustworthy. People would be very skeptical of government funded media, and would likely often seek other sources for information. It is better if citizens can get their information from the sources they choose in the first place, like commercially viable television and websites.
Decentralized and citizen journalism adds much to our society, and because there are so many viewpoints available, it is much better for freedom of information than our current system, where a few large organizations control much of the news that people see or read. Citizen journalism, read and watched by a citizenship with a more intimate relationship to the internet than to the television or newspaper, can only result in better access to more varied information, thus improving the marketplace of ideas in our society.