I think the time for dealing with breaking up the big corporation media is past. It should have stopped before it ever got to where it is today.
Breaking them up today will not help local news very much, because what they are doing already is to combine their local news operations, move activities out of communities, and have very small local staffs. You can break them up, but they're all going to operate in that same way. Instead of having just a couple of players, you're going to have a few large players doing much the same thing.
The key is to provide ways for new types of entrants to come in. One problem that has occurred, particularly in the news media in Canada, is that they have really been protected from competition for too long, and that's part of the problem. They're providing the bare minimum of local news that they can get away with now, and unless you have competition at the local level, you will not solve that problem.
Breaking up the current ownership will not create competition at the local level. It will just change who is the commercial owner at the local level.