Mighty, politically well-connected oligarchs are in the mood for retail therapy, and their targets are media outlets. Their influence over journalism has begun to reach worrying levels.
Jack Ma of Chinese giant Alibaba, Rupert Murdoch of News Corp, Delyan Peevski from the tobacco maker Bulgartabak, Egyptian billionaire Naguib Sawiris and Saudi prince Al-Waleed are all completely different businessmen. They look totally unalike and live in different places. One is obese, another one is skinny. One hails from Sofia, another one from Cairo. Their tastes are dissimilar.
But they also have some things in common: an unwonted wealth, close links with political power and a firm grip on much of the world’s media.
The issue of ownership concentration in the media is not new. It goes back to the 1980s and 1990s when some of the now old media moguls began to build their holdings. The rise of disrupting internet behemoths in the past decade or so was expected to dent into their power. It didn’t.