TV would absolutely still exist, given that people pay for it and there is a big industry around ad-free streaming services already.
Non public broadcasters are rarely if ever and free. Meaning that their business model requires this as revenue to survive.
Right now we've already having oligarchs owning news groups and very few independent publications. But getting rid of other revenue sources won't help that situation, we'd get more Washington Post or New York Times than Buffalo's Fire.
It's a lot easier IMHO to have an independent newsroom if the business side can advertise for toilet paper and dating sites than if it needs to convince Jeff Bezos of its value to him.
And investigation journalism costs a lot while not getting valued by many, there's no way we get a set of paid-only-by-viewers papers from all relevant spectrums covering most of the news happening every day.
Laws can be written in a way to guarantee independence from despots too.
Idk it feels better than this whole private affair where rules are arbitrary and the only thing that matters is how many ad impressions you sell.