Robert Reich , The Guardian; Ultra-rich media owners are tightening their grip on democracy. It’s time to wrest our power back
"The richest man on Earth owns X.
The family of the second-richest man owns Paramount, which owns CBS, and could soon own Warner Bros, which owns CNN.
The third-richest man owns Facebook, Instagram and WhatsApp.
The fourth-richest man owns the Washington Post and Amazon MGM Studios.
Another billionaire owns Fox News, the Wall Street Journal and the New York Post.
Why are the ultra-rich buying up so much of the media? Vanity may play a part, but there’s a more pragmatic – some might say sinister – reason.
If you’re a multibillionaire, you might view democracy as a potential threat to your net worth. Control over a significant share of the dwindling number of media outlets would enable you to effectively hedge against democracy by suppressing criticism of you and other plutocrats, and discouraging any attempt to – for example – tax away your wealth...
As the Washington Post’s slogan still says, democracy dies in darkness. Today, darkness is closing in because a demagogue sits in the Oval Office and so much of the US’s wealth and media ownership is concentrated in the hands of a few people easily manipulated by that demagogue.
We must fight to get our democracy back. Supporting the Guardian is one good place to begin."
