That is the job of a regulatory authority, which in the case of Pakistan is PEMRA and PCP. Both of these organizations were established in 2002, under Musharraf. But they have never really been autonomous. Under Zardari and Sharif, they were highly politicised and manipulated/manipulative.
If there was a political will, they could have fixed the media environment of Pakistan, and cleaned up the industry. But they only exacerbated the situation through their monetary support (ads). So you cannot so easily put the blame on Sheikh Rasheed.