Bad News for The News: The Fox-Disney Merger Again Shortens the Media Menu — The consolidation of two media empires is a disaster for those who want a diverse, independent media.
Remember how just 6 media corporations control 90% of the news media?
Well it’s about to be just 5 media corporations that control 90% of the media.
Wednesday of last week, Disney announced a $73 billion merger, which more accurately resembles a buyout, of Fox.
For anyone worried that Disney buying out Fox is going to have any effect on Fox News and make skew them a little bit more back to the center, rest assured, the merger will not effect Fox News or the Wall Street Journal, 2 of billionaire media tycoon Rupert Murdoch’s most right wing media outlets. Murdoch will retain 100% ownership of Fox News and the Wall Street Journal, even after the merger.
Way back in 1983 we had 50 media corporations that controlled 90% of the news that Americans consumed and even that was after quite a bit of consolidation. 50 media corporations divvying up 90% of the media market sounds downright inspiring to me, as someone who has grown up in an America where there have only ever between 6-8 media corporations that controlled 90% of the market.
This problem of media consolidation really got kicked into hyperdrive after Democrat Bill Clinton and a Republican Congress, got together in 1996 to pass the Telecommunications Act of 1996, which paved the way for all of these mergers and buyouts.
via mintpressnews:
BURBANK, CALIFORNIA — The long-rumored Fox-Disney merger was made official Wednesday, as Disney closed on its purchase of much of Rupert Murdoch’s media empire. The $73.1 dollar “merger” – more accurately described as an acquisition – continues a worrying trend of media consolidation and gives Disney control and ownership over a historic 35 to 40 percent of the movie market. As of this week, it now owns the 20th Century Fox film and TV studios, Fox Television Group, countless international broadcasters, including the Star India conglomerate, and a controlling stake in streaming service Hulu.
https://www.investmentwatchblog.com/bad-news-for-the-news-the-fox-disney-merger-again-shortens-the-media-menu-the-consolidation-of-two-media-empires-is-a-disaster-for-those-who-want-a-diverse-independent-media/