frankly media consolidation in general is IMO terrible for society
While news media has generally been given a not quite deserved assumption of truth as well as benefit of the doubt 'honorable intentions' for a long, long time (from the days of John Adams to the Lincoln-Douglas primary->election to see media hasn't been close to a bastion of integrity for a long time), once large corporations took over news media it was inevitable that it would slide into an even more tightly controlled and edited narrative that was disconnected from a pursuit of the facts. Where stories no doubt, 100%, would be squelched in favor of the underlying big business.
I'm probably not going to agree on a lot of things with Martin Sheen. however, about 15 years ago he narrated a documentary on the subject of media consolidation into the hands of big corps. One example was Disney taking over ABC and a number of news media outlets. The gist of it was: did anyone really think that these outlets would now report negatively on Disney interests? It doesn't even have to be a verbal/written thing. A corp culture of not running stories contrary to the hand that feeds you would inevitably take hold. And keeping in mind that Disney is interlocked with other big corps/business, and these big corps own a large chunk of other outlets.
Big Business certainly can be and is a good thing (on some things certainly not all). Important products and services, even critical ones, can come out of big business. But Big corps controlling the flow of information should have then as it should be now scary to the average person. Basically it is Roger Goodell and the NFL ownership club having too much control of information. And one need not look any further than deflategate to see how big business effects information flow. Does anyone on PF actually think the media outlets just simply missed some very important truths about deflategate? That posters on PF were just lucky in identifying the inconsistencies of NFl/Goodell? Folks the narrative with deflategate was never questioned by media because of the chilling effect of big business owning media. The NFL is the Mt Everest X 10 of viewership draw for NBC, CBS, ABC, Fox and the NFL themed shows the biggest draw from web to radio to niche cable stations. Big media business is intertwined with the NFL and crossing Goodell/the NFl better have a BFD payoff (ideal gas law, bent needle, game stats weren't it). This was a small but shining example of what Sheen was ultimately getting at.
The good news-bad news side of this is the Internet and the big corp grip of media causing people to question it gave rise to new media that isn't too beholden to big corps. You can read lots of alternate news via the Internet. That's a great thing. The bad news side is that being alternate doesn't make it anymore truthful than Disney's product. But, IMHO, even with the fast and loose nature of the alternate media, it is an important thing that Disney editing is circumvented to provide alternate information. Ultimately it is better that there is more information outlets available even though some of it is suspect.