I think that only holds if company ownership is not close with company leadership. Is a "subscriber owned" newspaper model possible? Like how co-op stores are at least nominally owned by their customers.

I could also imagine a system in which a local newspaper was actually run as a public utility by an independent corporation, but explicitly chartered and subsidized by a town/city/county.

I doubt that's true in practice, although I know many capitalists know that to be true in theory.