{"id":210617,"date":"2022-05-02T12:00:31","date_gmt":"2022-05-02T11:00:31","guid":{"rendered":"https:\/\/www.transcend.org\/tms\/?p=210617"},"modified":"2025-01-10T15:06:43","modified_gmt":"2025-01-10T15:06:43","slug":"the-monopoly-on-your-mind-part-2-billionaires-bet-big-on-the-news","status":"publish","type":"post","link":"https:\/\/www.transcend.org\/tms\/2022\/05\/the-monopoly-on-your-mind-part-2-billionaires-bet-big-on-the-news\/","title":{"rendered":"The Monopoly on Your Mind (Part 2): Billionaires Bet Big on the News"},"content":{"rendered":"

But What\u2019s in It for Them? <\/strong><\/p>\n

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Photo credits (from left-right, top-bottom): George Soros by Frank Styles, Jeff Bezos by Ruperto Miller, Carlos Slim by UN Geneva, Bill Gates by Greg Rubenstein, Pierre Omidyar by Joi Ito<\/p><\/div>\n

28 Apr 2022 – I<\/em>n a recent Twitter survey<\/a> I conducted, nearly 90% of people rated their trust in mainstream media as either \u201cvery low\u201d or \u201clow.\u201d And is it any surprise? Ever-mounting media consolidation has narrowed the perspectives the public is privy to, ownership and funding of these corporations are riddled with conflicts of interest, crucial stories keep suspiciously getting buried, and big tech companies are outright censoring and demonetizing independent outlets trying to break through the noise. The media is supposed to function as a power check \u2014 and a means of arming us with vital information for shaping the society we want to live in. It\u2019s never been a more important industry. And it\u2019s never been more at risk. In this series, I\u2019ll tackle each factor threatening the media\u2019s ability to serve our democracy \u2014 with input from journalists, media critics and professors, and other experts.<\/em><\/p><\/blockquote>\n

Earlier in April, I kicked off this series with a piece about the problematic history of media consolidation. <\/em>Read Part 1 Here<\/a><\/strong><\/p>\n

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\u201cFreedom of the press is guaranteed only to those who own one.\u201d<\/strong><\/em>
\n— A. J. Liebling, 1960<\/strong><\/p><\/blockquote>\n

When Amazon founder Jeff Bezos bought The Washington Post<\/em> for $250 million in 2013, he made a written promise<\/a> to employees: \u201cWe will continue to follow the truth wherever it leads, and we\u2019ll work hard not to make mistakes. When we do, we will own up to them quickly and completely.\u201d It was an admirable commitment, but as they say, actions speak louder than words. Here are a few editorial decisions that were made in the years following that acquisition:<\/p>\n

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  • The Post<\/em> ordered \u201cno pardon\u201d for whistleblower Edward Snowden<\/a> \u2014 after not only using him as a source for its groundbreaking NSA stories but then accepting a Pulitzer<\/a> for that series.<\/li>\n
  • One month after the editorial board demanded that Snowden\u2019s leaks on U.S. spying come to a halt, Amazon became a beneficiary of that spying when it won a contract to host CIA data<\/a>. The Post<\/em> refused to provide disclosure of this when covering the CIA.<\/li>\n
  • WaPo stories about Uber routinely failed to disclose<\/a> that its owner, Bezos, had billions of dollars worth of stock<\/a> in the car-sharing company.<\/li>\n
  • Closely following the 2016 presidential election, the Post<\/em> promoted research by the ultra-shady anonymous group PropOrNot<\/a>, which unjustifiably blacklisted hundreds of independent news sites<\/a>, denouncing them as Russian agents or assets. (Ironically, PropOrNot\u2019s \u201cfake news\u201d detection system later lost credibility and was deemed<\/a> to be fake news itself. The WaPo quickly distanced itself<\/a> from the operation.)<\/li>\n
  • At the end of 2016, The Washington Post <\/em>falsely reported that Russian hackers penetrated a U.S. electricity grid<\/a>. In actuality, Burlington Electric had searched its\u00a0computers and found malware on a laptop<\/a> that was not connected to the grid, but the Post<\/em> never bothered<\/a> to contact the Vermont utility provider before publishing the piece. After Burlington Electric provided a statement<\/a> clarifying what happened, the Post<\/em> updated the headline \u2014 but the revised headline still claimed Russian hackers were responsible.<\/li>\n<\/ul>\n
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    Perspective: Toxic media destroys democracy. Here\u2019s what to do about it. https:\/\/t.co\/BhAPqLlxwg<\/a><\/p>\n

    — The Washington Post (@washingtonpost) December 27, 2020<\/a><\/p><\/blockquote>\n