Media Economics Essay Example | Topics and Well Written Essays - 500 words

Media Economics - Essay Example The Big 6 Media Giants namely General Electric, Walt Disney, News Corp, Time Warner, Viacom and CBS are a practical example of this definition. These conglomerations not only control what we see, hear and read but also control our thoughts. They are all vertically integrated which allows them to produce and distribute media and news to their likings and manipulate our views (Shah, 2009). Media ownership and conglomeration have taken a new form with time. They are no longer attached to the purity of journalism or of best interests of the audiences. The media conglomerations are now slanted towards corporate goals and interests. In order 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 own 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 a healthy competition providing viable and valid news to the audiences. The concern is basically 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 an 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 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 sw eatshop labor when, on the other hand, it is accused of being part of it (Shah,