Was the Telecommunications Act of 1996 the "death-knell" for cable television

At least in terms of having so much original and interesting content and pushing some boundaries that ABC, CBS, and NBC wouldn't dare go. Cable TV simply put, used to be genuinely provocative and creative because it wasn't under the hands of the FCC and many cable networks were niche and catered to genres. Now, it seems that Netflix, Amazon, Apple, HBO Max, YouTube, etc. serve the same function of creator-driven content without annoying censors.

But when the Telecommunications Act of 1996 was signed, all these cable networks (and many independent radio stations) got quickly bought out by major corporations and became shadows of their former selves. Whether it be, A&E, Bravo, MTV, Nickelodeon, USA Network, Sci-Fi, The Disney Channel, Cartoon Network, Discovery Channel, and TLC.