Encourage competition, then stand back
Government has limited power to intervene in the media. Historically, it has dealt with anticompetitive business practices (especially when a newspaper seeks to become a monopoly) but has not been allowed to go farther. The best thing government can do is remove obstacles to competition (including some of its own existing policies), prohibit anticompetitive practices, and stand back. The people have a great thirst for information; they will do the rest via a free and open marketplace.
Exactly. The topic question is itself biased. Why does the government even need to be involved in the dissemination of news?
Maneesh Pangasa commented
Yes this is a good idea. The FCC should help encourage competition -- mandate it even if it has to stop anti competitive and anti consumer unsafe mega mergers then in a more competitive market relax regulations slightly to encourage continued competition and limit government intervention so news media can operate in a free and open way.