Government subsidization would threaten the independence of the press. Even when there are no nefarious motives, government subsidization inevitably leads to a more government friendly voice and views that reflect the political class. It also has the effect of propping up large media outlets while hurting new and nascent media outlets.
Governments should not bail out anyone. Governments, corporations and individuals should not be bailed out by the government. They should stand on their own two feet and face the consequences of bad decisions and policy.
In the specific case of journalism, I do not believe that it needs to be bailed out because it is doing just fine. It is just undergoing a change that is leaving some of the older styles of journalism behind. Just because no one is subscribing to paper editions of newspapers and magazines does not mean that people are not getting the news. People are still well informed, they are just getting their news from other sources.
Times and delivery systems change and should be allowed to change and evolve without government involvement.