A couple of books on the topic: "The Master Switch" by Tim Wu, and "The Creation of the Media", by Paul Starr.

"The Master Switch" goes through the history of radio, where an initial period of experimentation was stifled by regulation, with big business (the large networks) being the major beneficiary; the two weren't necessarily opposed.

On the other hand, the former will show you that eliminating regulation doesn't necessarily eliminate the problem. In the absence of effective regulation in the 19th century, Western Union seized an effective monopoly on telegraphy. Having done that, they then made a deal for cut rates with the Associated Press whereby AP-affiliated newspapers (effectively, any paper that wanted to cover national stories) were forbidden to editorialize against the monopoly.