No, the problem with internet news is that it's getting easier and easier to promote a lie as truth. With a monopoly in media, promoting lies will become even easier (for that monopoly).
In fact, I'm of the opinion that further media consolidation will move us further from low-bias information sources and towards more MSNBC / FoxNews extreme partisan news sources. It will likely continue the convergence of entertainment and journalism which only serves to dilute the little media literacy that we still have in the USA.
If we don't get those conditions, though...
As far as I can tell, the current administration and Congress are more interested in moving further away from regulations than closer to the pre-Reagan regulation regime.
To be fair, I don't think it will work today even if that regulatory rule was re-implemented. At the time, the vast majority of the US only had a choice of 3 major television networks, which were more or less equally non-partisan. Currently, there are too many channels and people that tune into certain channels do so to avoid being challenged by ideas they don't already believe.
Explain. Compare 1975 to 1985 please