That is a way, way over the top comparison.
And the protection of the First Amendment is a very important thing. Any limits on speech, especially for a news organization, should be very narrowly crafted. You never know when something that is similar might produce very important news that it's imperative for us to hear (imagine, for example, that Hogan was a politician caught using the n-word on camera in a sex tape - you'd want to know that).
There is ways to report and show some being a racist without releasing a whole sex tape. That's a horrible argument.
Freedom of speech is great, but freedom of privacy is another thing that is also very important. Just because it's newsworthy that a celebrity had sex, does not mean that a news company can just released a sex tape. That's crazy.