Constitutional FAQ Answer #12
Q12. "Can Congress set up an ethics committee to separate hard journalism from tabloid journalism?"
A. I'm certain that such a proposal would A) never pass and B) would be declared unconstitutional immediately (assuming it had any regulatory power). It would never pass because every news agency, newspaper, TV station, the ACLU, and freedom of speech advocates from every corner would oppose it. Assuming this was more than just a review board (i.e., it had power to punish or pull papers, or whatever), it would be taken straight to the Supreme Court and declared unconstitutional that day.
Of course, there's nothing to stop one from amending the Constitution to allow for such review...