The big media companies have almost nothing to worry about when it comes to the legality of the content they sell. It's the individual user or small dissident group that would be harmed by repressive censorship rules. Those same interests would fair no better under corporate-controlled internet, because their views would be blocked or crowded out of access by the companies protecting their own interests.

Except when their own interests do not clash with that of those trying to exercise free speech. Which is pretty universally the case. Regulation will now make it harder for those persons who value free speech, we only have "legal speech" left.

Is there a substantive difference between the two? Free speech has always been subject to a handful of legal regulations.

In any case, this is a red herring.

Calling FUD here. Do you have any precedent or any other legal basis for imagining that this reclassification will somehow allow FCC to regulate content on the internet.

What are you referring to? And surely this is orthogonal to whether it's Title II or not; not being title II does not magically prevent anything.