This feels like pretty dated analysis. There is definitely criticism of the "MAINSTREAM MEDIA" by the fringe, but the idea of the "liberal media" is more of a Fox News 2008 talking point than it is relevant to the national conversation today (in my opinion). I don't watch Fox News or OANN; I'm sure to some degree it's still happening with their grievance narrative. It almost certainly happens around elections, though I think where the right has been successful is with their populism, like the media elites won't tell you "..."
Where I think the left offers useful critique of mass media is from academia, specifically Noam Chomsky and Naomi Klein, and especially the concept of manufacturing consent.
The "if it bleeds it leads" concept gets viewers which sells ads. The externalities of this are that news overly focuses on violent crime, which means as a society we narrowly define crime. We think of theft as burglary or armed robbery rather than white collar versions (wage theft, embezzlement, tax fraud). There are lots of examples of this.