What part of the US Constitution would make it illegal?
Companies should not have this kind of power. Internet is a basic need now, it's where we (as a race) create and share knowledge.
If it is immoral to put restrictions on book consumptions, why should be moral to put restrictions on media consumption?
And I'm not referring to access. You can buy a book on a store, and after that that book is yours you can lend to anyone else, and everyone can read the same pages on this same physical book.
It the right to use the information after that you paid for it.