I believe the answer is: I, II, and III
I. The media can be used by politicians to control a certain narrative, which might determine how much support the citizens would give to the government policies.
ii. Despite their power, media is still controlled by the private sectors. They often presented bias to make a certain party looked bad while making the others looked good.
III. By presenting a certain piece an 'opinion' , the media would protect themselves from being sued because it is protected under the fist amendment.