Can you tell me how the news has evolved in the US over time?

Yesterday, I had a conversation with my father, and he was telling me that there was a time when the news media didn’t make a profit. He may have even said that it wasn’t legal for them to make a profit (but I’m not 100%), and that changed over time when our major news sources were purchased and turned into very profitable businesses.
Is that true?
How much has changed about “the news” over time? Are there other interesting news facts that you know and care to share?