Since we own the airwaves we are free to regulate them.
It is really that simple.
In broad terms, I agree.
The narrowing limitations I would add, though are these:
1. When we say that we "own" the airwaves, I believe we are actually using a term of legal fiction. It is a serviceable legal fiction, however, and based on common sense.
2. The "regulations" are properly limited to the accessibility of the airwaves for preseerving OUR freedom of speech rights. Thus, if we lease frequencies to a broadcaster (thereby preventing any competitor from using THAT particualr frequency), the regulations should be limited to broadcast signal strength, public access rules, etc. Whatever else they SHOULD include, they should NOT be so broad as to allow the government to restrict free political discourse.
All the rest can be fine tuned.