I will reemphasize an opinion I expressed on an earlier thread: this is an overtly totalitarian move designed to intimidate and suppress private entities' protected expression, disguised as a reaction to perceived bias (which would still be an invalid pretense for any such order). It's a disgusting attack on an American industry by our own executive.
That own executive will attack any industry he doesn't agree with at any point he pleases. It's how he has done it for years in business and it's how he will do it in politics for as long as he isn't prosecuted and removed from office. As long as the Republicans keep supporting him and have a majority he will just continue to pull more and more crazy stunts and get away with it.
See the case here: https://www.law.cornell.edu/supct/html/93-44.ZO.html
The full text: "The First Amendment's command that government not impede the freedom of speech does not disable the government from taking steps to ensure that private interests not restrict, through physical control of a critical pathway of communication, the free flow of information and ideas."