Ehhh. Yes to the Fairness Doctrine.. No to Reagan causing FoxNews.
What everyone doesn't understand, or has long forgotten, is that FoxNews is subscription cable only. The entire FCC framework of equal time and information and television programming "in the public's interest," was predicated on broadcast TV controlled and given permission to use the public's airwaves..
The main concern back in the late 40's was inappropriate content on TV and of course communist propaganda and the risk that children could be exposed to both. The FCC oversees broadcasters only. Hence Brendan Carr being an absolute bootlicker for Trump and going after them - he's even threatening to suspend the licenses of the 5 broadcast TV stations that Disney owns over ABC's news reporting of Trump.
Cable as a subscription only service is beyond that reach since adults BUY access to it. At the point where it is a purchased product, the user - the parents - assume all risk to themsevles or their kids. Ancillary to this, it's why as a broadcast network FoxTV has NO nightly national news programming: They would have to create TWO separate newsrooms - one following FCC standards, (such as they are..) the other - FoxNews - not.. No how, no way is the Murdoch clan going to do that.
Now the cable news is another matter, corporate ownership being all settled with the outright purchase of networks like CNN and others, so now the angle that I'm seeing now is Trump putting youtube creators on his "list," which is all the government can do to them at this point.
The loophole was that no one imagined cable TV as a thing in the 1940's.