Step 3: What is "the news"?

Step 3a: What is “the news” as it exists today?

What is “the news”? What is it’s purpose? Does it exist to inform, or perhaps entertain? Does the news, or journalism, act as a necessary checks-and-balance to the state or corporations? Is the news objective? if not, what determines it’s objectivity? Are news sources driven by ratings and ad dollars?