There was absolutely no reason why such people would not buy out all news and use it as a tool to propagate their own private interests when those regulations were removed. Especially by using them to push their public agenda to boost their business interest and different corporations' stock prices. Just like how it was in late 19th century with the Robber Barons.
And don't even start looking at its effect on the elections - that's a bigger cesspit than what you can imagine.