I recall the NYT being a mouthpiece for Bush administration propaganda leading up to the Iraq war. It later came out that they squashed articles which would have cast a critical light on the claim that Iraq had WMD capabilities, in favor of beating the war drum.

Obviously no media outlet is perfect, but yes, corporate media is subject to the influence of monied interests almost by definition. That said, with how easy it is to run ads and hire influencer shills for whatever agenda, social media seems even more malleable if you're willing to spend money. Or, put another way, the financial barrier for creating propaganda is far lower on Facebook than in traditional media.