My concern about media censorship would be that serious problems might not be uncovered. I'm an avid reader of Private Eye, and am following its coverage of the US election with interest. It goes out of its way to dig up genuine and often troubling dirt about the candidates. I would not like to see it silenced.
Also, you'd never manage to censor the world media; at best, you might manage to shut up the media in your own country. But there would be huge issues with freedom of speech. What counts as "the media"? Anything owned by Rupert Murdoch? What about blogs, student newspapers, pamphlets, flyers..?
I really don't think this is one of your best ideas. 
I understand that you're annoyed about smear campaigns, and they are indeed really annoying, but I think it's actually pretty important to the democratic process that we hear not only the candidates' presentation of the facts, but also facts uncovered by others, and opinions and interpretation.