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It does not operate as intended anymore for a couple of very specific reasons, mostly TECHNICAL.I think it is time to update and reinstate the FCC fairness doctrine ... warts and all: https://en.wikipedia.org/wiki/FCC_fairness_doctrine
The Fairness Doctrine was never an actual law, it was both an FCC policy and a gentlemen's agreement between the original "big three" radio/TV broadcasting networks, but was also honored by the Associated Press and United Press International. Reuters already had its own brand of FD in place in its original non-profit charter.
The Fairness Doctrine as Federal Communications Commission policy centered around the FCC licensing of OVER THE AIR broadcast TRANSMITTERS, which is where FCC's jurisdiction lies.
These transmitter owners had to apply for a LICENSE to propagate their signals over "THE PUBLIC AIRWAVES". ***
Transmitter licensees had to demonstrate that they were "operating in the public interest" in order to keep their licenses.
***This is where things get very specific: The public airwaves are exactly that and nothing more. They are the electromagnetic spectrum that exists in the atmosphere as well as in other physical mediums, but since FCC licenses OTA transmitters they are only allowed to regulate that part of the spectrum that exists in the atmosphere, ON THE AIR, so to speak.
If you propagate signals over the public airwaves, you must use an antenna to propagate signals (broadcasting) and viewers/listeners must use an antenna to receive those signals.
If you propagate over a WIRE, or a FIBER OPTIC CABLE, or via a SATELLITE, and your audience is PAYING to SUBSCRIBE to your service, THAT is NOT the public airwaves.
It is a PRIVATE SUBSCRIBER service and FCC can only regulate technical aspects of those services to ensure that they do NOT INTERFERE WITH the public airwaves in any manner which may cause undesired operation.
The above paragraph is FCC's only regulatory jurisdiction OVER subscriber networks on wire, cable or satellite.
Cable news channels do not USE antennas at all.
Furthermore, even IF FCC chose to shut off every radio/TV transmitter in the entire country, only about 10% of the audience would even notice because 90% or almost 90 percent use wire, cable or satellite to RECEIVE BOTH subscriber services AND the transmitter stream from their over the air channels.
The point I am getting at is, terrestrial over the air broadcasting is like ROTARY DIAL phone technology, it is old, inefficient, expensive and it is becoming largely obsolete and unnecessary.
You would have to start completely from scratch and you'd have to use an agency other than the FCC to enforce unless it was somehow possible to expand FCC's jurisdiction over these private subscriber services.
My sources include Part 95 of FCC Rules and Regulations and other sections and subsections both new and old and my own personal experiences as the holder of FCC First Class Radiotelephone Operator Permit
#P-1-16-37875 issued June 1979. That used to be the type of license a technician/engineer needed to be permitted to WORK ON commercial over the air transmitters of any kind and we had all this stuff pounded into our heads so that we could pass the FCC license exams.