Cheaper-TV Take: This is good news for broadcast TV because there will be tons of private money spent on commercials during elections. This will make the current free broadcast model viable so broadcasters may decide that they don't need to go to a Cable TV only model.
Here's the bad news, companies will have an undue influence on making laws. Because they have deep pockets, companies can influence elections which will result in politicians doing what's best for company profits, not consumers or the public good. For example, let's say the major networks feel that they can have better ratings if Public Broadcasting didn't exist, they might tell politicians to do away with funding for PBS. Or lets say that broadcasters want to increase profits, they might have their politicians pass laws that force every American to pay higher taxes so that the government can start paying broadcasters to provide free TV. This is a sad day for American Government and for the American consumer.