The conservative rebuttal to this goes from the opposite direction: that the MSM has effectively become an oligopoly of about a dozen corporations, who organizationally are both vertical and horizontal monopolies.
That they have tiny amounts of competition does not make them competitive. So what is needed is to “anti-trust” these media companies to force competition.
The Federal Communications Commission used to have a powerful rule in place limiting individual media market domination by one or a few companies. That is, companies were limited in how many TV stations, radio stations, newspapers, etc., they could own or control in a single market.
But right now these dozen companies control the whole range of entertainment.
“Globally, large media conglomerates include Viacom, CBS Corporation, Time Warner, News Corporation, Bertelsmann AG, Sony, Comcast, Vivendi, Televisa, The Walt Disney Company, Hearst Corporation, Organizações Globo and Lagardère Group.
“As of 2012, The Walt Disney Company is the largest media conglomerate in the US, with News Corporation, Time Warner and Viacom ranking second, third and fourth respectively.”
So from the conservative point of view, breaking up this oligopoly and limiting growth, either vertical or horizontal, in media companies, would promulgate vastly more free speech and points of view to be aired.
I like to compare it to the breakup of AT&T, which in retrospect was essential for technical growth in the US across a huge band of communications. AT&T was “stuck in the 1960s”, and was a log-jam to innovation.
And there are still people who bemoan the end of that monopoly. For why, I have no idea.
Maybe because the system worked... I could get a repairman out to my house in less than 10 minutes and the bill was very, very small. They were broken up by the left.