The Fairness Doctrine basically says, “…required the holders of broadcast licenses to both present controversial issues of public importance and to do so in a manner that was, in the Commission’s view, honest, equitable and balanced.” (cite is the Wiki link just provided)
FCC Chairman Mark S. Fowler repealed the Fairness Doctrine in 1987 and President Reagan helped keep it that way by vetoing an attempt to make it law (later there was another attempt to make it law and it was vetoed by President Bush Sr.). Another attempt was made by congress in 2005 but it never got out of committee.
Those opposition to the Fairness Doctrine runs along the lines of, “…an attack on First Amendment rights and property rights. Editorials in The Wall Street Journal and The Washington Times have said that Democratic attempts to bring back the Fairness Doctrine have been made largely in response to and contempt for the successes of conservative talk radio.” (cite is Wiki link above)
Recently Canada stymied an effort to allow what Canadians call “FOX News North” when Prime Minister Stephen Harper was thwarted in repealing Canada’s law that forbids lying in broadcast news. (cite)
I doubt any of us would call Canada a free speech hating country or repressive against its people. The rule seems to work for them and indeed the rule seemed to work fine in the US while it was active.
Is there a good reason to allow media organizations to lie?