Murdoch, bias, and media concentration

On the same day News Corporation head Rupert Murdoch tries to convince a Congressional committee to allow him to buy up satellite company DirectTV, the UK's Independent Television Committee is investigating Fox on nine complaints of bias. It's a strong case for stricter media ownership rules: if Murdoch owns everything, is a right-wing "warmonger," and runs a biased news operation, what becomes of an informed democracy?