Under current conditions they enjoy unparalleled freedom to do and say whatever they want, whenever and however they want, with no oversight and few repercussions. They have enjoyed this freedom for so long that they can't ever foresee it changing therefore there is no need to change the status quo, in fact there is a strong desire to protect it. It is great to have that freedom but it needs to be protected.
I take a slightly different view of this. I think the media had much more freedom back when the TV, newspaper, and magazine news outlets were owned by 100's or even 1000's of independent outlets. Now nearly all media outlets, outside of the internet, are owned by 6 large corporations and the journalists are slaves to the agenda of the 6 CEO's that own them. They also do a good job of ignoring or marginalizing any reporting that happens to come from the few remaining independents.