Media Regulation

In a democracy such as Canada the media and governments regulation of the media has always been a very touchy subject. Most agree that having an unbias and consistent core media to report to the public is crucially important. In the days when newspaper and television were the main news mediums, regulating the media was a relatively reasonable task. Today there is such a crazy amount of information on tons of different mediums in which many people have contributed. Even beyond simple news reporting the government is asked to manage other aspects of the media in which people consumer. The music industry, the internet, filesharing, blogging etc are all areas that can have different effects on the public and alter political viewpoints. At what point do politicians give up on regulation of news and media? At what point does the focus of regulation shift to different mediums? For example, tons of attention has traditionally been given to newspapers and television. The CBC was essentially created for the purpose of fair and regulated news. Now that the CBC budget has been cut is that a sign that the government is giving up on regulation, switching effort to different mediums, or just to broke to keep up?