The Distribution Layer — Platforms Are Also Owned
The pipe and the water share an owner
Big Three don't just own the content producers — they own the distribution platforms. Alphabet/YouTube: Vanguard 6.5%, BlackRock 5.8%.
Also in Big Three Media Ownership
The Ownership Map — Who Owns the NewsSEC 13F ForensicsThe Publishing Layer — Books and AcademiaEven the alternatives have the same ownerThe Advertising Layer — Revenue as Editorial ControlWho pays the bills decides the coverageThe Implication — No Independent Fourth EstateStructural capture, not editorial control