Why is it legal for private companies to sponsor media corporations?

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I agree, it's not always a good thing, but I had rather them do that instead of the government tell the news companies who they can and can't accept funding from, and telling companies who they can give their money to. And think about it, if the government ran the news, they would be biased to whoever is in charge, and they would never reveal scams and problems in the government.
 
In the United States, why is it legal for private companies to give money to large media corporations like MSNBC, Fox, CBS, etc. It doesn't take a tremendous amount of logic for one to see that private companies are manipulating the news in their favor. Why is this even legal??? Why doesn't the federal government step in and ban such a transaction? It would be good if we had government sponsored news, such as what you see in Britain (BBC). Their news is so much more objective than the crap that you see on TV that is labeled as "news". In addition, a company that wants to have politics go in their direction just has to sponsor a few news stations, threaten to cut off sponsorship when unfavorable stories are posted, and manipulate the public by those means.
Ok, well what if the funding system was set up in such a way that the news stations favored neither private sponsors nor the government? Why aren't there laws on the books that aim to reach that goal?
Pat, what I'm trying to say is that there should be laws that prevent the manipulation of news. Even if you use multiple news sources, each media corporation is trying to please it's sponsors at the expense of being objective.
 
Why is it that it took an America reporter to unearth the corruption scandal in the British Parliament a few months ago? Without private control of the media the government will never be held accountable.
 
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