I don't want to get into a political argument, but just for the record, the BBC is not a government news network. It is funded via tax, but it is independent.
I think the real problem is that current models of social media are dreadful, although I don't know of anything better.
I've not read the proposal. But some things, like telephone common carriers, ISPs should be regulated to the gills. Do I trust British Telecom Open Reach now they've been privatised? No, not really, but that's the way natural monopolies work. I don't trust them any more or less than I would have done pre privatisation.