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 The fundamental argument in favor of political donations is that they constitute a form of free speech, a perspective with which I don't necessarily disagree. However, the moment these donations begin to influence the decisions of decision-makers, it becomes clear corruption. 

To be honest, I still don't understand how to effectively separate the two, as it all boils down to intent, which is inherently challenging to discern. 
 Isn't the point of the donation or ad spend to influence in some way? 

No different than when some influencer gets thousands of people to call a senator or rep, or hammer them on Twitter. That's the point, to influence. 

I run newspapers for a living, and actively engage in lobbying the state legislature and city politics (no national) on issues that affect free speech, press, public notice and public record issues, etc..

The line however is a payment for a specific act. That's bribery and very much illegal.  A do or can't for instance say here is a million dollars, if you do this. Not legally at least.