"Broadcasters that are running hoaxes and news distortions - also known as the fake news - have a chance now to correct course before their license renewals come up...

The law is clear. Broadcasters must operate in the public interest... - Brendan Carr@BrendanCarrFCC

...and they will lose their licenses if they do not. 

And frankly, changing course is in their own business interests since trust in legacy media has now fallen to an all time low of just 9% and are ratings disasters...

It means the public has lost faith and confidence in the media...