Could the FCC ever undo the consolidation of local TV news?

I read with great interest this report in another publication about complaints to the FCC about the consolidation of local TV stations and I paid most of my attention to the comment about consolidating local news:

http://www.deadline.com/2011/11/shou...mission-deals/

Consolidation hurts everyone except the owners. It hurts employees who find fewer employers, it hurts the public who find fewer viewpoints, it hurts advertisers who find viewer media outlets. Eliminating a competitor means fewer jobs, less news, higher ad rates.

How can anyone justify consolidation and duopolies and service agreements unless they were out to protect owners who only care about their bottom line?

The public can't win seeing the same news coverage on two channels, period.