You're conflating cancel culture, done voluntarily by private companies, with censorship, with the federal government through the FCC is dictating the outcomes of mergers and acquisitions based on compliance with speech restrictions.
This is categorically false. Are you referring to this story, where the Biden administration asked Facebook to take down Covid misinformation and "expressed a lot of frustration" when Zuckerberg told them no?
https://www.pbs.org/newshour/politics/zuckerberg-says-the-wh...
If not, then where did you learn that the Biden administration "had (and used) the ability to demote conservative news outlets on Facebook and Twitter"?
http://judiciary.house.gov/media/press-releases/weaponizatio...
Also, Kimmel is a case of a private company canceling him the FCC didn’t force anything.