[ascorbic]

The private company "somehow" gets to approve ads because it's owned by the TV networks that air the ads. Better than needing separate approval from each network.

[pydry]

And yet still far worse than a publicly owned body that is accountable to voters rather than shareholders.

You might as well argue that it's better for visa to regulate the financial sector "because you wouldnt want the banks doing it individually".

Or that you should be happy with a punch in the face because a kick in the teeth is worse.