ABSTRACT
The media industry has experienced an unprecedented level of structural change during the past decade. Due to financial transactions, primarily mergers and acquisitions, there is a higher degree of concentration of ownership, increased globalization, and increased conglomeration of the industry. This activity has been based on the perceived future prospects of this business sector; the perceived trend toward technological convergence; the perceived “synergies” of owning multiple distribution channels; a relaxation of regulatory policy; and the availability of capital, including historically highly valued stock prices, to finance the transactions.
