Today, a new studio system has emerged, even more concentrated than its predecessor. Following a series of mergers, roughly 80% of American media is controlled by five conglomerates: Disney, Warner Bros. Discovery, NBCUniversal (Comcast), Sony, and Paramount Global. Unlike the old studios, which focused solely on films, these modern giants own television networks (ABC, CNN), streaming platforms (Disney+, Max, Peacock), theme parks, and consumer product divisions. This vertical integration allows a single company to produce a movie, promote it on its cable news channel, stream it exclusively on its platform, and sell action figures in its retail stores.
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