The Ownership Map — Who Owns the News
SEC 13F Forensics
Comcast/NBCUniversal: Vanguard 8.4%, BlackRock 7.2%, State Street 4.1%. Total Big Three: ~19.7%.
Also in Big Three Media Ownership
The Distribution Layer — Platforms Are Also OwnedThe pipe and the water share an ownerThe 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