A New York Times article titled "Ideas & Trends; New Tactics in Ted Turner's Bid For CBS" By Richard Levine and Walter Goodman which was published on April 7, 1985 reports on Ted Turner's attempt to acquire CBS in 1985. Though Mr. Turner failed to add CBS to his portfolio of broadcasting networks, he went on to buy or establish a number of other television networks to form a giant entertainment firm that is a still a controlling influence on network television today. This news article from the New York Times archives shows that consolidation of media organization is not a new practice. Consolidation has been a driving force shaping the landscape of media in America of a long time, well before this specific acquisition attempt.
Mr. Turner at the time had taken numerous steps in his attempt for acquire CBS. He had reported met with a handful of New York investment firms in attempts to secure financing including Shearson Lehman Brothers. Shearson Lehman Brothers reportedly turned him down at first but then reversed their position possibly based in a decision by their parent company American Express to provided financing themselves. Mr. Turner also approached major CBS shareholders with propositions to get on board with the takeout in attempts to secure a controlling interest. In an attempt to control its own fate, CBS started talks with General Electric about a possible merger between the two firms.
This is just one event in a long history of media consolidation. Just like fish in the sea, small media firms tend to get gobbled up by larger ones. As the interests of the media are forcefully aligned with the interests of their parent companies, the views of the media organization become biased, slanted. As the current landscape of who owns who and where is the funding coming from changes, so does the reliability of the news media. If news organizations must be concerned with the agenda of their parent company they may lose sight of their purpose, the unbiased reporting of the news.
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