Media Economics - the Holdings of The Big 6 Media Giants - Essay Example

Media ownership and conglomeration have taken a new form with time. They are no longer attached to the purity of journalism or the best interests of the audiences. The media conglomerations are now slanted towards corporate goals and interests. To achieve the goals, the conglomerates are most often accused of being biased with allegations of corporate whitewashing and censorship (Bagdikian, 1997). In addition, to promote their interests, media conglomerates favor infotainment over relevant news stories.
Although the idea of media conglomeration and ownership is not a bad idea as it can create healthy competition providing viable and valid news to the audiences. The concern is related to the concentration of ownership which can and is increasing the economic and political influence.

According to Rifka Rosenwein, the concentration of media ownership has increased the control over expressions which has led to aggressive competition and silencing of the news and ideas in the marketplace (Shah, 2009). According to the latest statistics, in 2009, there are only six giant conglomerates that own the US media namely the Big 6. This is eventually leading to monopolies and oligopolies which from a business perspective is not a good sign. Considering the role played by media in a prevailing democracy, reaching out to the masses is of paramount importance. Many of the media conglomerates own entertainment companies such as Walt Disney where one cannot expect the company to discuss sweatshop labor when, on the other hand, it is accused of being part of it (Shah, 2009). Therefore, such a system has diminished the importance of quality journalism and silenced diverse voices.

The commercial operation of the mass media is not bad and is the best method to pass on the views but the control by corporations or government is deemed bad. For example, during political campaigns, the US political system has used the mass media to its advantage which is most of the time meaningless leaving the voters at the mercy of such media propaganda (Shah, 2009). Such use of mass media not just by corporations but the political system has eroded the basic democracy requirement where now the audiences are governed by what they see, hear, and read in the media. The concept of quality journalism is just a concept in today’s media ownership where one does read about it but does not act upon it.

It is time that the corporations loosen up their media concentration and ownership and let the audiences witness a better media which is liberal and listens to diverse voices instead of turning a deaf ear tothemt. Read More