Which US media corporations own the majority of national news outlets and TV networks?
Executive summary
A small set of giant conglomerates control the lion’s share of U.S. national TV networks and major media outlets: Comcast/NBCUniversal, The Walt Disney Company, Warner Bros. Discovery and Paramount/Paramount Skydance are repeatedly identified as the largest players by revenue and reach [1]. Many commentators condense influence further into “six” companies that together dominate broadcast and cable distribution — a shorthand that appears in reporting and long-form summaries [2] [3].
1. Who the industry leaders are — the revenue and network view
Industry overviews and encyclopedic summaries list Comcast (owner of NBCUniversal), Disney, Warner Bros. Discovery and Paramount Skydance as the largest media conglomerates by revenue as of 2025; those same sources say the handful of conglomerates control most broadcast and basic cable networks [1] [4]. Fortune and other business press have used a “Big 6” framing to describe the handful of firms that dominate traditional media channels, reflecting repeated consolidation over decades [3].
2. The “Big Six” shorthand — what it claims and where it comes from
A widely circulated shorthand claims six corporations control roughly 90% of U.S. media outlets; that claim shows up in popular explainer pieces and activist posts and is used to illustrate concentration even if exact counting methods vary [2]. Fortune and other business analyses use similar small-number groupings to summarize market power, especially in TV and film distribution [3]. Different lists may substitute names depending on merger activity and corporate reorganization.
3. Why television networks concentrate faster than local outlets
Analysts note that the vast majority of broadcast and basic cable networks — “over a hundred” — are controlled by a handful of corporations such as Fox, Disney (ABC/ESPN/FX), Paramount Skydance, Comcast (NBCUniversal), Warner Bros. Discovery and others; that reflects vertical integration of studios, networks and distribution [1]. This structure makes national TV and cable an oligopoly-style marketplace even if hundreds of local newsrooms still exist under many parent companies [1].
4. Ownership maps are more complex than bumper-labels suggest
Scholarly and project-based indexes count many parent companies: Harvard’s Future of Media Project lists 176 parent companies and nearly 3,100 newsrooms when subsidiaries are tallied, demonstrating that concentrated national networks coexist with a much larger universe of local and specialty outlets [5]. That nuance matters: concentration at the national-network level doesn’t mean a literal six firms own every single news outlet [5].
5. Activist and watchdog framings — democracy and control
Advocacy groups such as Free Press present lists of the largest 35 media and tech companies to argue that concentration of ownership in billionaires, private equity and conglomerates poses a threat to public discourse and democracy [6]. Those critiques use consolidated ownership data to make a political point about influence and gatekeeping, complementing business-focused accounts that emphasize market structure [6].
6. Recent corporate moves and caveats to “who owns what”
Reporting and reference entries note ongoing restructuring: examples include planned or proposed spinoffs (Comcast’s cable-network spinoff into “Versant” and other corporate reorganizations) and shifting stakes [7] [8]. Such transactions mean ownership snapshots age quickly; lists labeled “Big 6” or “Big 4” can change as assets are spun off, merged, or rebranded [7] [8].
7. How to read these claims: competing perspectives
Business press frames concentration as market reality driven by scale, economies and tech disruption [3]. Activists frame the same consolidation as a democratic risk and provide curated lists to press the point [6] [2]. Academic indexes push for transparency and granular counting to avoid oversimplified conclusions [5]. All three perspectives are present in the available sources.
8. Bottom line and recommended next steps for readers
Available summaries consistently identify Comcast/NBCUniversal, Disney, Warner Bros. Discovery and Paramount/Paramount Skydance as the top revenue players and list a small set of conglomerates as owners of most national networks; however, precise percentages and a literal “six control 90%” claim depend on counting methods and recent transactions [1] [2] [5]. For a concrete ownership picture, consult up-to-date ownership charts or databases (Harvard’s index, Free Press maps or business long-reads) because mergers and spinoffs change who controls which national networks and cable channels [5] [6] [3].