Since I don't really know anybody that reads old material by Chomsky for fun, I'm just going to assume you are at the mercy of some left leaning liberal arts professor. Feel free to 'jack any part of this post for your essay.
I think Chomsky's views of the corporate media are incredibly outdated. By decades at least. When FEMA is producing it's own "news" conferences using taxpayer money there is very little propaganda taking shape. Ditto with "infotainment" about celebrities. Just a bunch of people trying to keep their jobs, while feeding the morons who pay attention to them their daily diet of bullshit. In other words, entertainment. Entertainment is really all the corporate media is good for these days.
The time where the American state needed to formulate political consensus among the public using the perception shaping powers of the mass media is long since past. (Economics is a whole different game) Frankly, I don't think anyone gives a shit. They're too distracted by Britney Spears latest trip to rehab, or was that Lindsey Lohan? Wait, who was the last American Idol?
Take the Iraq War for example. During the build-up The way the American-corporate media handled the coverage paled in comparison to how Euro-Asian media handled it. The American media was all about "ass kicking", flashy graphics, cheer-leading, and EXPLOSIONS AND MUSHROOM CLOUDS OVER CITIES IF WE DID NOT INVADE IRAQ RIGHT NOW SO LETS GO KICK SOME ASS HELL YEAH!!!!! Whereas the Euro-Asian media talked about weapons proliferation, sanctions, UN weapons inspectors, the instability a invasion would or could cause, and the fact that it is laughable that Iraq could pose a threat to America when Iraq didn't have a Air Force, much less a Navy. It's hardly a wonder that most Europeans opposed the war considering what they were being fed. It surpassed anything by far what the masses of
dissent American left indy media could put out in terms of honesty, imagination, and/or frank debate.
During the war, (Guess it never really stopped huh?) the coverage did not get any better. The Euro-Asian media had detailed maps, vivid decripitions that one could practically follow on a map of Babylon. While focusing on Iraqi Resistence or lack therof, American setbacks and losses, and possible coalition plans for the approach on Baghdad. The highpoint of the American media's efforts was watching some dolt in the sand making finger paintings, or seeing the dead sons of Saddam. The highpoint of the dissent media was hearing the same old "IRAQ = OIL!!!!" as if anybody could not figure out that Iraq did indeed have large oil reserves.
Since I've touched the political aspect I moving on to Economics. This is probably the only area left in the media where perception-making is at work these days. Yet again, I think Chomsky's model is not equipped for any indeph analysis except on the most mundane level. More tact is required. Why? Because perception is very important to Wall Street. Wall Street needs to chase "dumb money" into dubious schemes such as the sub-prime mortgage market, the internet bubble, Enron, etc. to minimize it's own losses while profiting handsomely. Market fundamentals do not matter, since widespread manipulation of the markets is at work. The perception the media creates is all central to all of this. Whether it be "news" that several central banks are forming a "fund" to repackage sub-prime mortgage "assets" to resell to the gullible public.... or not. After all, we wouldn't want anybody to panic would we?
Given all of this I'm not surprised some dissent Russian politician can stupidfiy the likes of Chris Matthews. Oops, wrong thread!
I hope this helps loosen the grip on your nuts by some hack of a political science professor.

Or not.
Jam it back in, in the dark.