Great literature is timeless and says more about our wild world than any "non-fiction" permitted by incumbent power structures du jour.
Understanding today's news is a vital skill for survival. You could complain all about "incumbent power structure" controlling our media (which is rather strange... how come _you_ have no problem saying these things? Are you somehow outside the influence of the power structure?), but our everyday life (from finding out upcoming road closures to deciding whether California should reduce water usage) depends on knowing what's happening around us.
Sure, it's very important to view the information critically, but you can't criticize what you don't know. Get rid of the mainstream information source, and you frequently end up with worse source of information, like moon landing hoaxers, antivaxxers, and 9/11 conspiracy theorists. (Well, these people also think the mainstream news is beyond redemption and only they know the truth. Shoving CNN through their throats may be actually doing them some favor.)
And let's not pretend that reading astute commentaries on the fundamentals of human nature will say any less about our world than would a publication that needs to keep advertising dollars coming in while remaining harmonious with present political echo chambers.
Those who can compare their first-hand observations with the reported news are often surprised. If you've not had this personal experience, an alternative would be to read classic books by Edward Bernays (father of PR) or Ryan Holiday (2012), http://www.huffingtonpost.com/thomas-church/ryan-holiday-tru...
I strongly believe that the point of education is to provide children with the thinking ability to come to their own conclusions.
The ability to think, to solve problems, to find solutions is what will enable them to build the future.
In terms of the news specifically it spoon feeds conclusions and is largely biased. The bias part is largely agreed to. The debate is which way the bias leans.
Sheltering children from news media because they are "corporate controlled" would go about as well as sheltering them from sex, I fear. Sooner or later they will find out the wild outside world exists.