Gov't's role in Mass Media

Does the government need to play a stronger role in determining who owns what mass media and what kinds of media products should be manufactured?
No, because that would violate the first amendment by allowing the government to have influence over the media by granting whose voice can be heard.
Yes, because media today is extremely corporate-based, profit-driven, and the government needs to make sure the right person is putting news out whose first objective is to be the watchdog that it was originally intended to be.