Linux is the result of a massive number of people working at their own paces with no deadlines and no expenses other than time and the computer they already own, as well as foundations where people get paid and pay others do tasks. Lots of private companies are also involved, and they exist because of profits.
Quality, relevant journalism has hard costs associated with it and has to move very fast. I'm not even talking about the twitter blitz that leads to sloppiness. I'm saying any and all breaking news. How do you plan on getting any on the ground reporting in Gaza?
What you are suggesting would mean that only those who don't need an income can participate in the endeavor. Which unfortunately is also the case with Linux - big contributors have to stop all the time, projects die regularly, because "life gets in the way." It just shifts the problem.
Open source programming and journalism have some parallels I'm sure but this comparison just doesn't work on many levels.