The Fairness Doctrine was introduced in 1949 to require all broadcast media to present all possible opinions on a subject, no matter how controversial. The doctrine was eliminated by the FCC in 1987. Since then, we've had competing cable news agencies like Fox and MSNBC that have decidedly slanted news one way or the other. If the Fairness Doctrine is to be reintroduced, news media would change forever. That's not going to happen, but if it does, balance in news reporting for broadcast media is finally back!
No, the Fairness Doctrine is not necessary to restore balance, because with the internet and other modern means of communication, all viewpoints have an opportunity to be heard. People are not lacking to hear both sides of debate, and in fact often seek out the point of view that they agree with. There are enough choices for media that the Fairness Doctrine is not needed to make opposing viewpoints heard.