This is absolutely true. There is no way to even debate the issue. The last independent news broadcaster RCTV in Venezuela was not given a licence renewal by Chavez today. It has been reported that this broadcaster, as well as the other broadcasters before it, have been part of a corrupt minority with the intent of overthrowing Chavez. Now the only news available on the Venezuelan airwaves is state sponsored. LINK
Now considering all the media is now state sponsored can it really be trusted to tell the truth? Could the reports of corrupt news media be true or could it simply be state sponsored propaganda. I'm sure there's a good example of a government that controls it's media that is truely a free country....okay, yes, that was sarcasm.
Anyway, it's up for you to decide it it's a good or bad thing. Personally, I don't trust Chavez in the least. If your political savvy drives you to call a statesman (President Bush in this case) the devil you're no better than a schoolyard bully.
There appears to be a rift in media outlets though. Reuters and several others are supporting the lock-down being imposed by Chavez while others like FOX, CNN and the Associate Press are taking the freedom route. If anything this should be a good delimeter in determining where different news organizations stand with regards to freedom of the press, their bread and butter.