This is a misquote of Einstein that's being shared on social media.

While the general sentiment as expressed here is largely correct, he was talking about his own era, not ours. So he's not a brilliant prophet, just a contemporary social critic.

His proposed alternative was socialism, and very explicitly central planning, which would mean government control of the media and what resources it would receive.

Why further consolidation of the media and limitations on alternative sources of information would ensure better information for the public he didn't say. As academics like to say, that's an exercise left to the reader.