A new report by international development organisation Oxfam warns that billionaire ownership of media companies is expanding rapidly, concentrating power over information in the hands of a small global elite and weakening democratic accountability
- •According to the report, more than half of the world’s largest media companies are now owned or controlled by billionaires, while most major social media platforms, which have become primary news sources, are run by just a few ultra-wealthy individuals.
- •Oxfam argues that this concentration of ownership allows extreme wealth to be translated into political influence, shaping public debate, marginalising dissenting voices and normalising policies that favour the rich over ordinary citizens.
- •The report notes that billionaire-owned media often plays a key role in “legitimising elite power”, by setting news agendas, framing economic debates and amplifying narratives that downplay inequality while focusing public attention elsewhere.
The report cites Jeff Bezos’ purchase of the Washington Post, Elon Musk with Twitter/X, Patrick Soon-Shiong with the Los Angeles Times and a billionaire consortium buying large shares of The Economist. In France, far-right billionaire Vincent Bolloré now controls CNews, rebranding it as the French equivalent of Fox News. In the UK, three-quarters of newspaper circulation is controlled by four super-rich families.
“The danger is not always direct censorship,” the report notes, “but subtle influence, what stories are prioritised, whose voices are heard, and which issues quietly disappear from public conversation.”
Oxfam places particular emphasis on social media platforms, describing them as the “new battleground” for political power. Platforms owned by billionaires increasingly function as gatekeepers of speech, determining which content is promoted or suppressed through algorithms that are largely opaque to the public.
Oxfam links billionaire media ownership to a broader pattern of rising inequality and democratic backsliding. The report finds that highly unequal societies are far more likely to experience erosion of civil liberties, suppression of protests and concentration of power in the executive.
Globally, this has included the rise of partisan broadcasters, the weakening of editorial independence and increased pressure on journalists investigating powerful business interests. In some cases, media owners have sued reporters or newsrooms that publish critical investigations about their wealth or political connections.
In Kenya, social media has become central to political mobilisation, whistleblowing and protest. However, the report documents cases where digital platforms have also been used to track critics, spread disinformation or fuel hate speech, weakening civic space and increasing risks for activists and journalists
This dual role, as a tool for democratic engagement and a mechanism for surveillance and manipulation, raises difficult questions about accountability when platform owners are among the world’s richest individuals.
Kenya’s recent experience, including protests over the cost of living, taxation and public debt highlights the importance of independent media in scrutinising power and giving voice to public grievances. When media ownership becomes concentrated, the report warns, this watchdog role is weakened.
The report calls on governments to strengthen media ownership regulations, enforce transparency and protect editorial independence. It also urges regulators to treat large digital platforms as media actors rather than neutral technology companies, subjecting them to stronger oversight.
