We do produce the news ourselves: the BBC is, in reality, state media. BBC news is, in reality, state news.
I'm kinda agnostic on this one. Keeping the influence of Musk/Murdoch/et al out of our media is a good thing. Keeping incendiary propaganda produced by foreign powers out, is also a good thing. Regulating media to a minimum standard (for example: Reporting must be factual in both detail, and spirit) then removing/punishing media that doesn't conform is a good thing.
But, it will be managed by people and they're shit, they're biased, and their judgement is garbage... Worse it will be managed by Ofcom, and they're even worse: see GB News.
So on balance: fuck 'em. Once they prove they're proficient at managing the media they already do, I might trust them to manage more.