"I can't tell - is this more regulation or less regulation?"
The thing isn't about more or less regulation it is destroying the MSM. For that we will probably need more regulation and I am all for it this time. I think we should limit ownership of stations to local ownership only and that way they can be in the hands of entrpreneurs instead of Journalistic establishment slimebags.
The media ownership liberalization this time will be mainly focused on lifting the cross-ownership ban that says the same company can't own a newspaper and TV station in the same city, rather than the limits on numbers of stations a network can own, like in 2003.
One of the biggest stakeholders in the cross-ownership issue is Rupert Murdoch's News Corporation (Fox News), and CBS is not a major owner of newspapers, so deregulating this time around may be helpful to our side of the media for once.