What this means is that bringing in laws to control them will have overflow effects on a wide range of private media companies. It is a principle of western democratic governments that you cannot implement laws targeting a specific individual or organisation.
The only way these corporations will change their conduct is if their profits fall...in other words, people stop using their platforms.
It will need other entrepreneurs to invest in similar service platforms and differentiate themselves from the other players in the market.
It is a mystery to me why this hasn't happened already in western democracies. Surely, the opportunity to create a less politically motivated media platform is begging for investment.