How has the principle of the free press as a voice of the people been watered down since the founders guaranteed it in the Constitution?

Through conglomeration and media concentration

Explanation:

Conglomeration can be defined as the formation of an organization or a company of different and diverse firms by being merged. Media conglomeration is formed when big companies decide to buy smaller firms to increase their revenue.

Media Concentration can be defined as the formation of one by several mass media individuals.

Before the laws been laid in the Declaration of Independence and the Constitution, the media did not exist. The emergence of media was during the nineteenth and twentieth century.

When the principles of the Conglomeration and Media Concentration was introduced in the Constitution it gave the media a right of free press. This right enabled the media to print and express them freely without being suppressed by big companies.

So, the correct answer is conglomeration and media concentration.