Way back in the day (pre-1996) the argument was that by de-regulating the media, we’d get more diversity, better coverage, and be a more informed citizenry. 

It hasn’t played out like that, at all.

Of course, we heard the same thing about the financial industry later…from the media…and that ended badly as well. 
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The Real Reason They Still Play ‘Mrs. Robinson’ On The Radio
http://www.upworthy.com/who-controls-90-of-everything-americans-watch-hear-and-read?g=3#shareMobile