Sadly, I think democracy is dead. Without a free press, there is no informed electorate. Without an informed electorate, there can be no democracy
Not dead, not yet, but there is a lot of truth in this.
IMO a successful democracy needs (1) a stable middle class (I.e. enough people invested in stability and with something tangible to lose if it all goes tits up!), (2) an educated population, (3) access to good quality information from different sources and (4) regulation to challenge and discourage inaccuracies in that information.
All of those are currently in jeopardy with (4) being almost entirely absent.
A free press is not, in itself, enough to ensure a well-informed electorate. You need regulation. It is democratic to allow people to share unpopular opinions and criticise our government. It is not democratic to allow them to deliberately share misinformation. To be clear, purposely misinforming the electorate is an anti-democratic act.
For all the failures of the self-regulated Independent Press Standards Organisation (and earlier Press Complaints Commission) the old legacy media did generally stop short of outright lying, so the damage has historically been limited.
Today, an ever-growing proportion of our electorate are getting all their information from completely unregulated sources.
In this country we instinctively shy away from regulation because it feels anti-democratic. However, when that regulation has the sole purpose of ensuring the electorate have factual information then it is quite the opposite.