Well, Nulli, in fairness, it's not THAT bad, but I still think it's too concentrated.
From that Wiki article: "On June 2, 2003, FCC, in a 3-2 vote under Chairman Michael Powell, approved new media ownership laws that removed many of the restrictions previously imposed to limit ownership of media within a local area. The changes were not, as is customarily done, made available to the public for a comment period.
* Single-company ownership of media in a given market is now permitted up to 45% (formerly 35%, up from 25% in 1985) of that market.
* Restrictions on newspaper and TV station ownership in the same market were removed.
* All TV channels, magazines, newspapers, cable, and Internet services are now counted, weighted based on people's average tendency to find news on that medium. At the same time, whether a channel actually contains news is no longer considered in counting the percentage of a medium owned by one owner.
* Previous requirements for periodic review of license have been changed. Licenses are no longer reviewed for "public-interest" considerations.
The decision by the FCC was overturned by the U.S. Third Circuit Court of Appeals in the decision Prometheus Radio Project v. FCC in June, 2004. The Majority ruled 2-1 against the FCC and ordered the Commission to reconfigure how it justified raising ownership limits. The Supreme Court later turned down an appeal, so the ruling stands.[5]"