Media is already regulated to a degree in the form of newspapers, television, movies and magazines .... the same should be done for social media companies and corporations.
No one private company should ever be allowed to freely control so much information that is exchanged by the public on a regular and wide basis. It would be like allowing only a single company to provide all the newspapers in Canada or a single company to provide all the television in the country and not regulate any of them.
This isn't to say to regulate the internet ... no government should ever do that ... but to regulate the companies and corporations that have so much control over the free flow of information across the internet.
Regulate the social media companies ... you don't need to regulate the internet.