Consider for a minute that the majority of news media agencies today are owned by a small handful of individuals or corporations.
The above infographic quite clearly illustrates the virtual monopoly that these small handful of corporations has over our mass media channels. The question is, what effects does this concentration of media ownership have on the ways in which media news agencies generate and report news stories?
The most apparent issues are those related to ideas of the political economy. Firstly, it is argued that with such a small handful of companies and corporations in control of the public airwaves, that the interests of the minority elite are inevitably promoted over the interests of the people at large. With that in mind, the increasing commercialisation of the news industry and the media in general mean that media news agencies today are primarily loyal to sponsors (Advertisers/government) and these interests take precedence over responsible news reporting and public interest.
How can these interests manifest?
- Media owners/sponsors can choose to suppress or ignore news stories that do not serve their interest.
- Journalists and their reports may be directly sponsored by parties who are the subject of their journalism leading to reports which actually favor the sponsor, have that appearance, or are simply a repetition of the sponsors opinion.
- News stories are reported in such a manner as to favour media owners/sponsors interests.
What do you think about the implications of media ownership and its effects of news reporting? Your comments below