You'd have to nationalize the US communications grid including private satellites

No you don't. Legislation to extend regulations to content doesn't require ownership of the equipment. The FCC doesn't own radio towers. It will absolutely require a constitutional amendment to clarify first amendment boundaries and protections, but we're already talking about pie in the sky as is.

Edit: On the aside, I'd rather deal with the "privacy war" than the wild west insanity that is fox news, OAN, et al.