The most-Libertarian position would be that of the Absolutist. For the Absolutist, there can be NO restrictions on speech. This reading of the amendment would require the media to give access to all positions, particularly those of minority voices, whether the media wished to or not. Voluntary Social Responsibility best matches with the Preferred Position. This allows minimal intrusion on the Absolutist position, but still recognizes that in some cases, some restraint of speech might be appropriate, either to protect the reputation of individuals, the societal values of a community or national security.
Minimal intrusion applies to the Preferred Position.
Minimal instrusion means that while the freedom of speech might not be absolute, any attempt to limit it must be narrowly focused and not go beyond the legitimate societal need for such restriction. An example would be zoning laws that restrict where adult bookstores can locate relative to churches and schools. The government can legitimately restrict activities at such places, but cannot ban them all together. Depending on the legal status, some categories of persons must meet a much-higher standard when trying to sustain a libel suit. Newsworthiness is an issue for limited-public persons and for private persons.