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DOI: 10.4324/9781003247029-3
Context: This chapter deals with the extensive business of media and its impact on consumers and profits.

Entities involving Disney:
- Black Panther comic series
- Famous Idaho Potato Bowl
- Mean Girls 2 movie
- Frozen lunchbox featuring Elsa
- Desperate Housewives episode
- Twilight Zone Tower of Terror theme park ride
Ownership: The U.S.-based Walt Disney Company owns various entities, including:
- Marvel Entertainment
- ESPN
- Freeform pay TV channel
- ABC Studios
Foundation: Founded in 1923 as Disney Brothers Cartoon Studio by Walt and Roy Disney.
Growth strategy: Disney has expanded through acquisitions.

Disney has become the first media company with a presence in:
- Filmed entertainment
- Cable television
- Broadcasting
- Telephone lines (Johnston, 2022)
Major acquisitions:
- 1995 Merger with Capital Cities and ABC Inc. for $19 billion
- Included 225 affiliated stations, 8 TV stations, 80% ownership of ESPN
- Acquired Pixar in 2006 for $7.4 billion
- Purchased Marvel for $4 billion in 2009
- Lucasfilm (Star Wars and Indiana Jones) in 2012
- 21st Century Fox in 2019 for $71 billion
Increasing conglomerate control: Few mass media giants dominate global media content (VanDerWerf, 2019; Rapp & Jenkins, 2018).

Key Terms: Conglomerate, media consolidation, oligopoly, capitalism, horizontal integration, vertical integration, cross-promotion, metaverse, virtual reality (VR), augmented reality (AR), non-fungible tokens (NFTs), blockchain, media convergence, hegemony, parity.
Learning Goals:
- Understand the evolution of mass media ownership and control.
- Know arguments for and against media regulation.
- Evaluate the pros and cons of media consolidation.
- Contrast VR and AR in media usage.
- Identify the role of diverse hires in media content.

Examples of largest media companies globally:
- Apple
- Walt Disney
- Comcast
- Netflix
- AT&T
- Sony
Integration with technology: Major media firms merging with technology and telecommunications companies leads to the formation of larger conglomerates.

Invention of the printing press: 1453; followed by:
- Books
- Newspapers (Europe in 1600s, America in 1690)
- Magazines (1741)
- Benjamin Franklin’s initiatives
- Telegraph and photographs (19th century)
- Broadcast radio (early 1900s)
- Movies (1930s)
- Television (1940s)
- Cable television and computers (1970s)
- Internet (1989) and first social media site (1997)
Impact of digitalization: Decreased presence of physical media such as textbooks, print magazines, DVDs, and CDs.

Nature of commercial media in the U.S.:
- Operates under capitalism; privately controlled for profit.
- Media consolidation: Increasing ownership concentration leading to an oligopoly.
- Mergers Overview: In the 1950s, multiple media companies. By the early 1980s, 50 corporations dominated. In 1990, 23 companies controlled global media.
- Telecommunications Act of 1996: Opened opportunities for greater media ownership leading to skyrocketing mergers and acquisitions.

Definition of conglomerate: A diversified corporation controlling separate but interlinked companies.
- Consumer impact: Implications of few gatekeepers limiting content choices and diversity.
Why consolidate?
- Facilitates convergence, including:
- Horizontal integration: Merging companies in the same industry (e.g., Facebook acquiring Instagram).
- Vertical integration: One company controlling different production stages (e.g., owning both production studio and airing network).
- Cross-promotion: Marketing products related to one another (e.g., merchandise based on animated characters).
  - Example: Frozen (2013) grossed $1.3 billion at the box office and brought in $1 billion in retail revenue (Robehmed, 2015; Appelbaum, 2014).

Definition: The metaverse refers not to one specific type of technology but an immersive, interconnected space integrating VR, AR, and digital economies (Ravenscraft, 2022).
- Virtual Reality (VR): Computer-generated 3D environment requiring headsets.
- Augmented Reality (AR): Real-world contexts enhanced with virtual information (e.g., Pokémon Go).
- NFTs: Unique cryptographic tokens on a blockchain representing digital goods.
- Blockchain: A secure, decentralized digital transaction ledger, difficult to manipulate (Sharma, 2023).
- Tech mergers: Partnerships between mass media and tech companies create a business model centered on data rather than content ownership.

Cultural impact of media dominance: Globalized media often perpetuates Western perspectives, leading to cultural homogenization.
Diversity in media: Concentrated ownership may diminish diverse content and representation.
- Cultural hegemony: Social, cultural, and economic influence of one group over others within media contexts.
Examples of globalization:
- Localization: Adapting content from one culture for another (e.g., American adaptation of Betty La Fea - Ugly Betty).
- Globalized content: Programs like Survivor have been franchised globally, reflecting successful adaptations in various markets (Arsenault & Castells, 2015).

FCC Regulations: Limits ownership concentration to promote competition and local viewpoints.
Telecommunications Act of 1996: Addressed ownership and content structure.
Net Neutrality: Treating all internet traffic equally; current status in the U.S. does not ensure net neutrality, while the EU maintains it.

Current landscape: Racial and gender disparity in leadership roles in media.
Parity: Equal representation in media roles does not reflect society's diversity.
Changing landscape: Growth of diverse audiences and their preference for diverse content showcased in reports (e.g., Hollywood Diversity Report).

Questions to consider:
- Is the current media landscape satisfactory for diverse viewpoints?
- How does media ownership affect content availability and diversity?
- What are the implications of government regulations regarding media?