Watch this Space

Traditional media giants are racing to consolidate in the face of tech industry disruption. Can they retain control of the medium and the message?

Welcome to Hollywood, AT&T. The company that most people associate with mobile phones entered show business in June when a U.S. District Court judge approved its acquisition of Time Warner, giving AT&T command of Warner Bros., HBO, and Turner. (Stay tuned: The Justice Department filed an appeal in July.) A Disney acquisition of 21st Century Fox may follow—that is, if Comcast doesn’t get there first. What prompted this wave of megamergers? Silicon Valley, of course. Netflix has become an entertainment powerhouse; Amazon isn’t far behind. Meanwhile Apple, Facebook, and Google are all dipping their toes in the content pool. Consolidation gives traditional mass media a chance to stave off tech domination. Here’s a look at who controls what—for now.

Fortune Magazine, August 2018 issue