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Upon closer examination, the A + B = C logic of media critics like McChesney (whose books are embarrassingly bad for a renowned and oft-cited professor) falls apart because of one simple fact - you cannot create regulation that will improve the quality of journalism.
1) Fashionable Elites believe they are better equipped than the Common Man (or God help us, some venal capitalist) to sit in judgment over what should and should not be permitted in the news business, regardless of what history and millions of consumers might have haplessly come to believe, and
2) These Fashionable Elites should be permitted to force their opinions on others within a protected environment, suffering none of the consequences their pronouncements will inevitably have on countless others.
History has amply demonstrated what happens when the press is "freed" from capitalism, and it is a dreary picture indeed.