Media platforms today benefit from: (1) discretion to organize content, (2) algorithms for curating user-posted content, and (3) absolution from liability. This favorable regulatory environment results from the current legal framework, which distinguishes between intermediaries and content providers. This distinction is ill-adapted to the modern social media landscape, where platforms deploy powerful data-driven algorithms to play an increasingly active role in shaping what people see, and where users supply disconnected bits of raw content as fodder. Today's platforms have license to monetize whatever content they like, moderate if and when it aligns with their corporate objectives, and curate their content however they wish.