Another good point John. If this law passes, can you imagine watching your local TV news? You know how they sometimes blur the face of an accused but not convicted person? Imagine the billboard or store facade being blurred in all 'on the scene' footage shot with the news camera.
Maybe they should blur the actual street signs or city limit signs too. As a citizen of my fair city, I feel outraged every time a bad newsworthy item appears in print or broadcast media with the seemingly innocent mention of my city. If a corporation can legitimately argue that their reputation is hurt, why not a municipality or a school?
In effect, this proposed law gives any person or organization the right of censorship over the media.