“...I don’t see AT&T as a social media company, so don’t see the link implied by “AT&T>GOOG/FB/etc.”
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To my mind, it implies that social media may find itself regulated as a public communications company. Don’t know how the process works, though. FCC has that power? Who/what defines a corporation as subject to regulation? Is it simply a unilateral government action defined by size<>function?
The regulations depend on the business. I see your point though, telecom companies (AT&T) are regulated, and maybe it's time to somehow regulate social media (Google/FB).
FCC regulates telecom, becuase telecom is viewed as a monopoly. Consumers generally have only one company hanging phone lines.
Congress makes the law, and passes details to a regulatory agency. I don't know much about that area of law, just where to find it.