"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. You also have Donald Trump to contend with."
"So perhaps it shouldn't have been surprising that the editorial board of the Jeff Bezos-owned Washington Post defended the razing of the East Wing of the White House to build Trump his giant ballroom without disclosing that Jeff Bezos-owned Amazon is a major corporate contributor to the ballroom's funding. The Post's editorial board also applauded Trump's defense department's decision to obtain a new generation of smaller nuclear reactors, but failed to mention Amazon's stake in X-energy, a company that's developing small nuclear reactors."
Billionaires own major media properties across platforms: the richest man owns X; the second-richest family controls Paramount (CBS) and may acquire Warner Bros (CNN); the third-richest owns Facebook, Instagram and WhatsApp; the fourth-richest owns the Washington Post and Amazon MGM Studios; another billionaire owns Fox News, the Wall Street Journal and the New York Post. Media ownership can serve as a hedge against democracy by suppressing criticism, discouraging taxation, and protecting wealth. Donald Trump has used presidential power to punish enemies and reward allies. Specific breaches include Washington Post editorials that omitted Amazon-related financial conflicts.
Read at www.theguardian.com
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