Some history.
The "Fairness Doctrine" was introduced in 1949 as a rule that you must follow if you were to get a license to broadcast over the airwaves. (Specifically 13 F.C.C. 1246 [1949]).
It was applied, at that time, in a case by case basis from then until 1967, it did not require 'equal time' but did suggest that contrasting views be presented. In 1967 the 'equal time' restrictions were added. In 1974 the FCC stated that it had never had to enforce the rules because everybody just "voluntarily" subjected themselves to the "spirit" of the rule.
The SCOTUS rejected a plea for a hearing on the rule (which does create the wonder of how they were 'voluntarily' following the rule but at the same time trying to get it struck down) in 1959 saying that it was the right of the listeners that was paramount, not that of the person holding the license. The court stated at that time that if it ever did restrain speech then it would listen to arguments of constitutionality.
Later in 1974 a Unanimous court decision written by Chief Justice Warren Berger stated that, "Government-enforced right of access inescapably dampens the vigor and limits the variety of public debate." Yet they restated that if it ever came about that it did actually limit speech they would listen to the case and also reiterated that the FCC was under no obligation to continue the rule, and stated in this decision that technological changes have made it necessary to review and maybe change or abolish the rule.
In 1987 the FCC voted to remove the rule in a 4-0 vote stating, "the intrusion by government into the content of programming occasioned by the enforcement of [the Fairness Doctrine] restricts the journalistic freedom of broadcasters ... [and] actually inhibits the presentation of controversial issues of public importance to the detriment of the public and the degradation of the editorial prerogative of broadcast journalists," and suggested that, due to the many media voices in the marketplace, the doctrine be deemed unconstitutional. This was also upheld by the Appeals court, the SCOTUS decided not to hear the case at all, upholding the Appeals Court's decision in 1989.
In 1987 the legislature tried to make a law to reinstate the rule (this time an actual Bill) but it was vetoed by Reagan. Again in 1991 it was tried and failed when George HW Bush threatened to Veto the bill. It was never even passed.
Two rules were maintained until the year 2000, those that required a person or entity under "personal attack" be notified and given time to respond if they wished and the "political editorial" rule where if a station itself put forward an editorial (not a show on the air the station itself) that endorsed a position or candidate the opposition must be informed and allowed time to respond. The U.S. Court of Appeals for the D.C. Circuit ordered the FCC to justify these corollary rules in light of the decision to repeal the Fairness Doctrine. The FCC did not provide prompt justification, and ultimately ordered their repeal in 2000.
And thus we are where we are now.
Thank you for your attention.