More Media: Jesse Walker has the unconventional wisdom on the FCC's decision on Reason's blog:

With all the apocalyptic rhetoric around the FCC's "deregulation" decision today, you might expect the new rules to say something really radical, like "We will no longer regulate how many media outlets you can own." Instead, you'll find gems like this one: "In markets with five or more TV stations, a company may own two stations, but only one of these stations can be among the top four in ratings." A reader calling himself Uncle Brian comments: "So if I own two of the five stations in my market, one of them always has to be last in the ratings? Does that mean I have to make it intentionally suck? Do I forfeit ownership if I can't keep people from watching?"

This is far from deregulation. Follow his links, too.