The internet itself is not owned by anyone... Not to say that no one owns individual space on the internet, but the internet itself is like a company with stock... whoever owns the most stock owns the company... (A lot of times one needs to own over half the stock, and NO ONE HAS DONE THIS TO THE INTERNET!)
Also, it's called the WWW for a reason... There are standards, yes, but not much regulation (and by that I mean sites blocked by the government), except in communist countries... Why? Look at the name... World Wide Web, meaning that if there is any jurisdiction, it must be global... and since there is no global government (the UN does not count because not all countries are part (e.g. Taiwan)), treaties (like the major one being revised at the ITU) are made between countries that participate actively in the internet...
This does not mean that those treaties have an effect on the entire world... just to the participating countries right???
Wrong! The treaties have no binding effect AT ALL because the governments involved have no jurisdiction over the entire world! The only way that the treaties would have effect is if EVERY country had a say... Why? It's called the World Wide Web...
Does this mean that participating countries won't abide by said treaties? Not at all. They will abide... but until ALL the countries of the world make a GLOBAL law regarding the internet and treaties involving the usage there thereof, the treaties can be broken easily by participating countries...
Why be worried? Because the US is trying to negotiate/compromise with countries that (while not technically breaking any global laws) are using national jurisdiction with a global entity to restrict it... The US is starting to board their metaphorical boat, and now they might "give" [up] internet freedom in order to "take" peace with China, Iran, etc...
We can always break out of the treaties, right? Well, it depends on which direction the country will take within the next (this is an arbitrary #) 40 years...
In other words... Schrödinger's Cat situation! We should be worried and not worried at the same time...
* pimathbrainiac bows