@Builder,
Not really. A caricature, certainly but as all (good) caricatures, it says something true. We all know FAUX News is fake news, that CNN is fake news, etc. The concept of MSM is an over-simplification of a much more difficult problem: all sources are biased. Some more than others but nobody is right all the time. And all sources of information are slanted in a way or another, especially on SOME subjects close to their owners' interest.
The concept of a finite set of biased media is therefore absurd. E.g. you cite Murdoch and FOX News as part of it but Frugi and Johny might disagree. It's a flawed concept.
The question is not: what is the finite set of media who lie (so that one might avoid reading them).
The question is: which ones can you trust on which subject.
Al Jazeera is an excellent source except on Qatar and its strategic interests. The NYT remains an excellent source for foreign news and non-political US domestic issues. RT is generally unreliable, a mouthpiece for Russian intox, but gets it right once in a while. Etc.
It is true that even semi-objective US political news are hard to find in America nowadays because the system of corporate media is totally corrupted. That's why acess to foreign news like the Gardian can help on US news. It's often closer to the truth because their journalists still go by some sort of ethic of the trade.
So people search for alternative sources...
The issue raised by Oraloy is therefore: in your search for alternative sources, where do you draw your own bonderies in terms of what constitute journalism and what is fake news? How can you tell when you read some random blog that the guy is not completly crazy?
Whom do you decide to trust, if you don't trust "the MSM" anymore? Do you realize your search for a "true" news source is futile and that it can only lead you in the end to a position of "radical doubt", whence you start believing that Marsians are among us?