Supposedly there are regulations limiting the number of TV and/or Radio stations a company can own in a single market. Or a number of stations in the US overall.
Personally I feel the problem is when they eliminated the Fairness Doctrine in the late 1980s. The reasoning was the growth of other media, like cable at the time eliminated the need to have a well regulated structure insuring all voices be heard on a subject.
Since then "News" has become monetized. It's no longer what's true or tactful, but what brings in the most eyeballs or clicks or whatever. Now that every Tom, **** or Mary can create a podcast or a U-Tube , or a Tic-Toc platform it's become the Wild West.
I'm not sure what the solution is now that things like Public Media have become a political football in many circles.
If more regulation would actually require independent accountability. I'm all for it. But I think it goes deeper. And there is no correct answer in today's political climate.