The Effects of the BCRA Decision
Since media organizations are exmpted from the controls, the most obvious next step is for politically-interested organizations (NRA, ACLU, EFF, AARP, etc.) to buy or start their own media. This might be followed by attempts to regulate ownership of media properties (presumably on some high-sounding grounds such as “maintaining balance”). This can be fudged in nearly any direction. (You can always claim that people disagreeing with you is evidence of media bias.) When the law is challenged, the Supreme Court will have to decide between two possibilities: 1) upholding a law that clearly violates the First Amendment; 2) admitting that the law they had supported earlier was a pointless piece of feel-good legislation. What do you think they'll choose?
Of course, you can always base the media outside the US … and trust the UN to avoid interfering.