FCC and Cross-Ownership

Welcome back from your labors in the final project. Let's get chatting again.
Congress is highlighting an issue you should all know about by now, an FCC rule controlling ownership of newspapers and broadcast stations in the same markets. Check out a decent summary of the issues and opinions in the Washington Post.
So what say ye? Should the government restrict this kind of ownership? Can newspaper companies survive without it? Would it benefit broadcast? Does it matter at all in a digital age? Do you know (or care) who owns the local papers and TV stations? How does ownership affect content?