Media globalization cannot be stopped. It is a result of new communications technology. It is also the prerequisite and facilitator for all other forms of globalization. Multi-national media is critical to global industries. Many Americans feel that we ought to enjoy the benefits of media globalization, such as global communication, rather than fearing and attempting to avoid the consequences - which ironically include hindrance of free speech.
Despite the benefits, there are also very real consequences. A majority of all media is owned by a very small percentage of wealthy corporations. Local media is being swallowed alive by conglomerations. Freedom of speech is threatened by these multinational corporations; they drown out the voice of local media with profit-maximizing formulas. Media moguls have the most to gain from globalization of media. Their power is concentrated; they have merged, often with companies that are unrelated to the field, as when GE bought NBC (Pappas, 2004). Naturally, the political ideas and bias of GE can be seen in NBC: GE expels criminal amounts of pollution. Therefore, pollution is not a topic covered by NBC. Imagine, for example, what our local news would sound like if it had been bought by Phillip-Morris (Pappas, 2004).