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this post was submitted on 18 May 2024
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Billionaires and investment companies buying radio, TV and print media outlets, massively consolidating them and then turning all of them into engagement bait, rage bait and propaganda factories is what ruined journalism. Radio, TV and newspaper deregulation in the 80s and 90s was a massive mistake and is the major driver of the breakdown of civil discourse over the last 30y. Which, of course, is good for billionaires and Wall St because it leaves society too dysfunctional to reign in business as usual profit extraction.
You're right about the problems, but I wouldn't characterise deregulation as a mistake, it was a calculated plan that achieved its goals which were to benefit capital.
I just think it's important to understand that capitalism is set up to operate this way and will always devolve into barbarism.