Citizens need access to every bit of information, but for the majority of the public, there should be a summary of the major points of politics, the good and the bad. Corporate influence is a very big threat to democracy. If the media wanted to they could support either the democratic or republican party, and they would succeed at influencing the vote. It is true that market competition will influence whether or not the media will pursue biased media, but it is possible for media to do so.
It is impossible for anyone to truly regulate the media, the government can't absolutely control the media, because they are run by a biased source. I don't know who could reliably control what the media showed and censored. All of it is opinions and it is impossible to say what is truly the best way to regulate the media.
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