Mega

What Happens When Media Oligarchs Go Shopping?

Mighty, politically well-connected oligarchs are in the mood for retail therapy, and their targets are media outlets. Their influence over journalism has begun to reach worrying levels.
 
Jack Ma of Chinese giant Alibaba, Rupert Murdoch of News Corp, Delyan Peevski from the tobacco maker Bulgartabak, Egyptian billionaire Naguib Sawiris and Saudi prince Al-Waleed are all completely different businessmen. They look totally unalike and live in different places. One is obese, another one is skinny. One hails from Sofia, another one from Cairo. Their tastes are dissimilar.
 
But they also have some things in common: an unwonted wealth, close links with political power and a firm grip on much of the world’s media.
 
The issue of ownership concentration in the media is not new. It goes back to the 1980s and 1990s when some of the now old media moguls began to build their holdings. The rise of disrupting internet behemoths in the past decade or so was expected to dent into their power. It didn’t.

Trust in Journalists and News Media Sinks to New Lows

The news media industry has been faced with a profound crisis for more than a decade now, and peoples' dwindling trust in journalists has much to do with it.
 
May was a nightmarish month for the 500 staff of Mega, the oldest privately owned channel in Greece, as the station was faced with closure following mounting debts, mostly to banks. In the end, the three families that control the channel - Psiharis, Bobolas and Vardinogiannis - agreed to increase Mega’s capital to save the channel from bankruptcy.
 
But the Mega crisis is illustrative of a much bigger problem that Greek journalism has been facing for years: the collusion between media and politics. Most of the country’s mainstream media was established by businessmen merely as PR channels for their other companies. Politicians don’t touch them as they enjoy the positive coverage; and owners fund the media through profits made in other companies.
 
It doesn’t come as a surprise, then, to see Greece at the bottom of the heap when it comes to trust in news organizations and journalists. Only one in five trust the news in Greece and a paltry 11% trust journalists, according to a survey run in 26 countries worldwide by the Reuters Institute for the Study of Journalism (RISJ).
 
Greece is not alone. Journalism has a growing trust problem in many other places.