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...Real power is now in the hands of a few global economic groupings and conglomerates that appear to wield more power in world politics than most governments. These are the new masters of the world who gather annually at the World Economic Forum in Davos and lay the groundwork for policy decisions by the globalising trinity of the International Monetary Fund, the World Bank and World Trade Organisation.
Within this geo-economic framework there has been a decisive transformation in the mass media, striking at the heart of their structure as industries. The mass communications media (radio, newspapers, television, internet) are being realigned to create media groups with a world vocation. Giant enterprises such as NewsCorp, Viacom, AOL Time Warner, General Electric, Microsoft, Bertelsmann, UnitedGlobalCom, Disney, Telefónica, RTL Group and France Telecom have realised that the revolution in new technology has greatly increased the possibilities for expansion. The digital revolution shattered the divisions that previously separated the three traditional forms of communication (sound, text and images) and allowed the creation and growth of the internet. This has now become a fourth form of communication, a means of self-expression, information-access and entertainment.
Subsequently the media companies began a further stage of group restructuring by bringing into a single frame not only the classic media (press, radio and television) but also all activities in mass culture, communication and information. Previously these three spheres were independent: mass culture with its commercial logic, its emphasis on popular programming and its basically commercial objectives; communications, as advertising, marketing and propaganda; and news and information, represented by agencies, radio and television news, press, 24-hour news channels - the many-sided world of journalism.
These three spheres, previously separate, have gradually become integrated into a single sphere in which it is increasingly difficult to distinguish between the elements of mass culture, communication and news (1). And these giant enterprises, which are assembly-line producers of symbols, now distribute their messages through a wide variety of outlets, including television, animation, film, video games, CDs, DVDs, publishing, Disneyland-type theme parks and sporting events.
http://mondediplo.com/2003/10/01media