Regulators around the world have taken a close interest in the recommendations of the ACCC’s Digital Platforms Inquiry (DPI) for a News Media Bargaining Code and its mobilisation of competition law based (aka antitrust) policy conceptual frameworks. Clearly the ACCC’s recommendation to put a fair bargaining code in place between digital platforms and news media publishers was an outcome by an agency guided by competition (and consumer protection) law. It was neither a media-specific regime nor based on copyright laws that have mostly guided European interventions in the platform regulation space. However, in taking that path, the possibility of applying media regulation frameworks premised on different ideological assumptions was effectively foreclosed. With many other nations now following a similar path we need to remind ourselves of the limits of competition law and policy in addressing social objectives, including media pluralism and sustainable public interest journalism. This chapter discusses key knowledge gaps arising from the application of competition policy discourses, and therefore to what’s absent from alternative media regulatory policy discourses.