Monopoly (or close to it -- corporate media ownership will now be reduced from five to four; down from the dozens of just a few decades ago) is monopoly, whether it's privately or publicly owned. Either way, it's the opposite of free enterprise, which is about competition between many owners.
Sometimes monopoly makes sense; like with single payer health insurance. But a private or public monopoly in media -- especially news media -- is about the worst system imaginable.
It's particularly bad when those news media are state-aligned; ie, government propaganda, as four of the five largest cable TV networks will be, including the two largest: FOX, CNN, OAN, and NewsMax -- plus CBS News -- with only MSNBC ("MS-NOW") still independent and willing to criticize or ask uncomfortable questions of Dear Leader.