There’s been a lot of consolidation in the media industry in recent years, leaving just a few giant media companies that dominate the industry. That number continued to shrink in 2025 as the industry experienced several reorganizations, minority investments, and full-on mergers.
Just six companies accounted for 90% of all media consumption in 2011, according to some estimates, leading to the idea of the "Big Six" in media. The media landscape remains just as concentrated today, if not more. The companies have changed, but six industry giants still account for almost all of U.S. media.
Big six listed
The big six media companies right now
| Name and ticker | Market cap | Dividend yield | Industry |
|---|---|---|---|
| Comcast (NASDAQ:CMCSA) | $125 billion | 3.77% | Media |
| Walt Disney (NYSE:DIS) | $213 billion | 0.84% | Entertainment |
| Warner Bros. Discovery (NASDAQ:WBD) | $29 billion | 0.00% | Entertainment |
| Paramount Skydance (NASDAQ:PSKY) | $9 billion | 1.36% | Media |
| Sony Group (NYSE:SONY) | $165 billion | 0.50% | Household Durables |
| Amazon (NASDAQ:AMZN) | $2.4 trillion | 0.00% | Multiline Retail |
1. Comcast
1. Comcast
Comcast is a sprawling media and telecommunications business. It owns the largest pay-TV and home internet service provider in the U.S. (Xfinity) and the largest pay-TV provider in Europe (Sky). It houses several broadcast and cable networks and several live-action and animated film studios.
Additionally, it operates the Peacock subscription video-on-demand service and a sports entertainment company, Comcast Spectacor, that concentrates on the Philadelphia market. There are also four Universal Studios theme parks around the world under Comcast's purview.
Comcast plans to spin off of most of its cable networks into a new company called Versant by the end of 2025. It will include NBCUniversal's cable networks as well as digital properties, including Fandango and Rotten Tomatoes. The NBC broadcast network, television and film studios, the theme park business, Peacock, and the Bravo network will remain part of Comcast.
2. Walt Disney
2. Walt Disney
Walt Disney is home to some of the best-known characters and brands around the world. It owns Pixar, Marvel, and Lucasfilm, among other film studios. Its TV properties include the ABC broadcast network, ESPN, and several other cable networks. It's quickly become a leader in streaming with Disney+, Hulu, ESPN+, and Star. The company also operates 14 theme parks, cruise lines, and resorts.
Disney agreed to buy 70% of FuboTV in January 2025. The deal is expected to close in late 2025 or early 2026. It also completed its acquisition of Comcast's minority stake in Hulu, and it plans to merge the streaming service with Disney+.
3. Warner Bros. Discovery
3. Warner Bros. Discovery
Warner Bros. Discovery is the result of the merger between WarnerMedia and Discovery Networks. The company owns an extensive portfolio of cable networks, including the Discovery Channel, TNT, TBS, CNN, and Food Network. It's also the home of HBO and streaming service HBO Max, which folds in content from across its linear TV networks and additional licensed content alongside HBO content.
Warner Bros. Discovery also owns a major movie studio, Warner Bros. Pictures Group, as well as the WB TV Studios, Discovery Studios, and Cartoon Network Studios. It controls extensive sports rights in the United States and Europe, as well as DC Comics, which it uses across its film and television studios.
The company announced plans in June 2025 to divide its streaming and studio business and its cable network business. The former would include its studios, HBO, HBO Max, and its content library. The latter would consist of its cable networks, European networks, and digital properties, including the Discovery+ streaming service. The split is expected to close in mid-2026.
4. Paramount Skydance
4. Paramount Skydance
Paramount Skydance, formerly Paramount Global, formerly ViacomCBS, is the result of the re-merging of Viacom and CBS, followed by its acquisition by Skydance. It's purely a media company. The company owns the CBS broadcast network and studios, Showtime, and several U.S. and international cable networks. It's the home of Paramount Pictures studios, the publisher Simon & Schuster, and the streaming video services Pluto TV and Paramount+.
Owning CBS, the most-watched broadcast network in the U.S., and CBS and Paramount studios, with their strong content creation capabilities, gives Paramount a strong hand in producing very popular content.
5. Sony
5. Sony
Sony is a massive Japanese conglomerate with operations ranging from consumer electronics to image sensors to (of course) media. Its Sony Entertainment subsidiary includes film and television studios Sony Pictures, Columbia, and TriStar, among others. It controls some popular anime properties, including A-1 studios and the Crunchyroll streaming service. Sony also owns Sony Music Entertainment, one of the big three record labels.
Sony's media business is home to several popular franchises, including Men in Black, Spiderman, and Ghostbusters, and music libraries from artists, including Beyoncé, Bruce Springsteen, and Adele.
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6. Amazon
6. Amazon
Amazon entered the media business in 2010 with the launch of Amazon Studios, but it saw a big boost in its presence in 2021 after acquiring MGM Studios, home to popular franchises like James Bond and Rocky.
The media segment of the sprawling conglomerate owns several film production and distribution studios, including MGM, United Artists, and Orion Pictures. Its television studios include MGM Television and Big Fish Entertainment LLC. It maintains the MGM+ streaming service in addition to Amazon's flagship Prime Instant Video service, which includes produced and licensed content.
Amazon also operates one of the biggest media distribution platforms. Consumers can rent or buy digital films, television episodes, audiobooks, or music, or stream music from Amazon.com. Prime members can also sign up for Prime Channels, which include other streaming services on Prime Video.
FAQ
Big 6 Media Companies FAQ
How does artificial intelligence affect media companies?
Artificial intelligence (AI) is a key issue in media companies. The Writers Guild went on strike in 2023 to gain protection from AI displacing their jobs. Nonetheless, AI can be a helpful aid in media, increasing efficiency for editing and reducing the need for reshoots or dialogue replacement in film. AI could also help media companies determine which projects to move forward with based on various data sets.
Who regulates U.S. media companies?
The Federal Communications Commission (FCC) is the primary regulatory body for U.S. media companies. It's in charge of granting broadcast licenses and establishing content standards. It also reviews mergers and acquisitions to ensure the industry remains competitive.
How do media companies make money?
There are three main sources of revenue for media companies. They can sell advertisements within their content, such as commercials or brand sponsorships. They can sell access to the content, such as charging for a movie ticket, requiring a subscription, or offering a digital download. Lastly, they can license their content to a distributor.
What is the biggest media conglomerate?
Comcast is the largest media conglomerate by revenue, with total sales of $124 billion.
