Media is a clear example of corporate power in an advanced capitalist society and Chomsky (2001) highlights the different areas of mass media which all play a role in diverting and capturing public attention. For example, films, soap operas, drama, documentary, news, newspapers, book publishers, magazines, internet service, telecommunications and so on are collectively owned by five or six of the elites wealthiest men in the world. Theorists debate the number; however, they are commonly referred to as The Big Six or The Big Five, Bagdikian (2004), Warf (2007).
According to Chambers (2000), the media has undergone some major changes in terms of regulation and deregulation since WWII when Hitler’s regime freely dominated society by way of propaganda in the media. When the war ended, in order to protect freedom of speech and public interests, the media was regulated by the state. However, during the 1980’s and 1990’s, when the privatisation of media was encouraged by western governments, this encouraged market contestability, whereby state deregulation allowed wealthy media moguls to expand media empires by making huge global purchases of media, Tunstall and Palmer (1991).
The elite media oligarchy being the group who exercise control over the media market (investor words.com) are made up of giants such General Electric, Disney, Viacom, News Corporation and Time Warner. Among their other corporate investments, these conglomerates control networks such as NBC, CBS, ABC, Fox, and CNN who make up much of the media Oligopoly (the free dictionary.com) who dominate supply and market prices of their products, Warf (2007). In terms of this control, the interconnecting roles, values, ownership of stocks and shares in one another’s companies and their relationships with other large corporations, media
elites are also shareholders and directors within other powerful corporations such as oil companies, health and pharmaceutical corporations, Banks and so on, Warf (2007)....