For me, the problem isn't so much that they can write just about anything they want. It's that the press is obviously parroting the same talking points like the Borg from Star Trek. There's almost zero diversity of thought in the mainstream media with the exception of Fox News.
I wouldn't support yanking their broadcasting licenses alone. I would support making them compete for these licenses with criteria other than just who is the highest bidder. Journalists (not just the talking heads on TV) who really promote free speech and really engage in investigative reporting such as Julian Assange, Project Veritas, Alex Jones, etc. should have every right and opportunity to compete for these licenses as any corporate news group.