Did Ronald Reagan Deregulate media?

My friend says Reagan went nuts with the deregulation. For example he shut down all the federally funded mental institutes which in turn substantially increased the number of homeless. Apparently he also deregulated media and the news? News had standards and practices before (news had to be news). Since he... show more My friend says Reagan went nuts with the deregulation. For example he shut down all the federally funded mental institutes which in turn substantially increased the number of homeless.

Apparently he also deregulated media and the news? News had standards and practices before (news had to be news). Since he deregulated, news has become an entertainment industry first and a news service second. Now we have articles about kim kardashian and what she tweeted about casey anthony.

Is there any truth to this? can't seem to google it. true or crap?
Update: Did the repealing of the Fairness Doctrine make the news better? I was a kid in 1987 so I really have no sense of anything back then. Is the news better today since it was repealed? Or had the damage already been done?
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