fcc regulation of radio, television, and cell phone frequencies has been wielded to allow an extremely narrow range of media corporations to corner public discourse. well, that kind of thing is what regulation is for. indeed the fcc "owns" the...atmosphere: they auction off spectrum and so on, which is only comprehensible within a claim of ownership. at any rate the last thing we should want is the fcc owning the internet and selling chunks of it to...you know, newscorp or whatever.
regulation of communications was certainly not a function of the state as the founders of the american republic conceived it - explicitly the reverse - and the fcc is a completely aconstitutional accretion in the first place. (of course, there is no power that federal govenment might claim that can't be justified under the history of interpretations of the interstate commerce clause.) that's not an academic quibble: the actual effect has been to shape and deaden public discourse