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Even though the board of directors and shareholders of a handful of corporations benefit greatly in dollar numbers by owing all of the major media companies that serve as America's news source, this idea of one company owing several new stations and print media is going to destroy out society.
The advantages of having one company owning so many different media outlets is good for the people who work in them. For example, Disney star's such as Hannah Montana, Hilary Duff, and Raven-Symone have had much success and their careers have taken off due to their multiple deals in music, television, and film...through companies that are all controlled and owned by the Disney corporation. Another advantage in the news aspect is that news will be cycled through all the stations owned by the same company and thus, the American public will be aware of the same information. Furthermore, when some of the companies that are failing (such as newspapers), the owners will not lose completely because there will be success in other ventures (such as popular television). All these advantages seem to benefit the people who get the money.
Despite all of these advantages, there are also many disadvantages to media consolidation which affect the public. Without many independent owned sources of media, the American public does not have any access to different information or anaylysis styles. Also, with having a select few people decide what gets put on television, the American public does not have as much control as it should over what they want to hear.
Media concentration limits a journalist's ability to provide important information to the citizens because it the views of the people who own the company that dictate what style is used for the media outlet. Also, due to the budgeting, many journalists are losing their jobs and so there are less journalists covering more media.