Big tech, AI & media corporations: new amalgamations of power

Global communication ownership networks now amalgamate online and traditional media services, core internet services, internet device usage and telecommunication infrastructures. Tech-related behemoths predominate economically. During 2025, for the first time, they comprised the world’s top ten corporates. As of late November, the combined market capitalisation of NVIDIA, Apple, Alphabet/Google, Microsoft, Amazon, Broadcom and Meta/Facebook exceeded US$21 trillion. 

By comparison, market capitalisation for the world’s top ten media corporations—Comcast, Thomson Reuters, Warner Bros. Disney, Naspers, Fox Corp, BCE Inc, Rogers Communication, Paramount/ Skydance, News Corp, New York Times—was a paltry US$381.2 billion (see JMAD’s Aotearoa New Zealand Media Ownership 2025 report).What does this all mean? My answer incorporates the following trends

1. Big-tech wealth concentration is AI centred

Big tech wealth concentration coincides with the growing centrality of AI-related applications, synergies and profit making across multiple information-communication technology sectors worldwide. Most notably NVIDIA, the world’s wealthiest corporate by market capitalisation (US$4.3 trillion, November 29), develops hardware and software AI tools for other tech behemoths. They, in turn, integrate AI into their businesses, continually, by means of acquisition. In March 2025, for example, Alphabet/Google took over Israeli–based cybersecurity corporate Wiz for US$32 billion. The purpose was to bolster cloud offerings, especially in cyber security and thereby advance AI applications. 

Some acquisitions, and partnership deals, integrated technological components of AI infrastructure. In late October a consortium entitled Artificial Infrastructure Partnership (AIP) led by Asset Funds manager BlackRock was (via its Global Infrastructures Partners fund – GIP) set to acquire Aligned Data Centres from Australian financial services group Macquarie for US$40 billion. Other consortium participants included NVIDIA, Microsoft, Cisco and Emirati sovereign wealth fund MGX. Aligned Data Centers operates over 50 such centres across the U.S., Brazil, Chile and Columbia. 

In September came the announcement that OpenAI had signed a contract with Oracle to purchase US$300 billion worth of computing power over the next five years. Shortly afterwards a partnership involving a US$100 billion investment from NVIDIA into Open AI was made public. Earlier, in May, Oracle had announced that it would purchase US$40 billion worth of NVDIA’s AI chips to power OpenAI’s US data centre in Abilene Texas. 

In early November it was announced that OpenAI would use Amazon’s cloud computing services over the next seven years. Amazon would provide OpenAI with thousands of NVIDIA graphics processors. The entire deal was valued at US$38 billion. These along with other such arrangements have been characterised by several commentators as ‘a trillion-dollar merry-go-round’.

2. Big tech and streaming corporations absorb the production and consumption of mass media content

In late 2025 reports revealed that the U.S. FCC had cleared the merger between Paramount Global (owner of multiple film and television properties and archives) and Skydance Media (a film and television production company founded by David Ellison, son of Oracle CEO Larry Ellison). The new amalgamated entity is now in the process of integrating with Oracle’s cloud infrastructure. 

Clearly, computer technologies and complex data processing are enflaming film and television production systems. A similar logic characterises Netflix’s recent bid to acquire the film and television production centres and content franchises as well as the HBO cable networks of Warner Bros (for about US$82 billion). Netflix’s bid would effectively colonise the remnants of a vertically integrated film industry. Theatre going won’t disappear, it will simply be an adjunct of the streaming business. 

Meanwhile, David Ellison’s Paramount-Skydance has launched a counter bid to purchase the entirety of Warner Bros. Discovery (WBD) for US$108.4 billion. The acquisition would include WBD’s Hollywood movie studio, HBO cable networks and its traditional television assets (including CNN and the Discovery channel networks). Oracle’s CEO Larry Ellison is financially backing this offer. Whoever prevails – Netflix or Paramount-Skydance – will confront regulatory obstacles nationally and from the EU. 

3. Media-communication ownership concentration: Threats to the mediated public sphere 

Oracle’s centrality to the Paramount-Skydance deal and the attempted absorption of Warner Bros. Discovery (WBD) points to the malign political influence of the Ellison family. Larry Ellison is a longstanding Trump donor and has, reportedly, defended the latter’s claim that presidential election 2020 was fraudulent. Preceding the Paramount-Skydance merger confirmation, some top CBS news executives, including those overseeing the flagship 60 Minutes programme, resigned over threats to editorial independence. 

Such concerns were heightened when in early October conservative writer Bari Weiss was named editor-in-chief of CBS news. As former founder of the Free Press commentary website (acquired by Paramount-Skydance), she oversaw articles criticising diversity, equity and exclusion programmes (DEI) and scepticism over COVID-19 vaccines. These stances accorded with Trump administration viewpoints. If successful, the Ellison family’s acquisition of WBD would incorporate the CNN network and news staff. 

These and other cases (such as Elon Musk’s restructuring of Twitter/X to favour Trump-aligned talking points) should be read as indicators of an emergent complicity involving authoritarian politicians, big-tech CEOs and far-right populist advocacy (online and offline). As 2025 ends, citizens beyond the U.S. should be highly alert to similar collusive developments in their country.