From my side of the pond this looks like a very outdated law that they've gotten rid of, though I understand the US TV market is pretty complex.
I think anybody with a gripe about "mainstream media" should really examine who owns most of the media (billionaires) and see the value in enforcing that more indepedent voices are heard, not less as the past three decades has been a relentless march towards.
The whole idea with the advent of the internet was that there would be so many more ways to be heard. That's been kinda true, but the public airwaves are dominated by corporate voices.
At this point its just as meaningless of a term as "liberal" and "socialist". It describes nothing other than a disagreement with the far right position.
You can undo a lot of the damage, you just have to actually do it. We need to stop seeing these people as a group of participants in polite society, because they're not.