The "private" business becomes the Government's proxy and will impose the governments' will while pretending it is their own.
So far as i'm concerned, "private" censorship of public communications is a violation of the 1rst amendment. Should be punishable by prison time for violators.
What about when FR does it? They censured a post yesterday
Your approach eliminates all pretense and explicitly lets the government dictate private entities’ speech.
The government forcing someone to speak words they don’t want to is a violation of the 1st Amendment.
If you want to nationalize a swath of private industry, fine. Convince Congress to buy them at fair market rates and raise the tax revenue to do so.