The richest man on Earth owns X.

The family of the second-richest man owns Paramount, which owns CBS, and could soon own Warner Bros, which owns CNN.

The third-richest man owns Facebook, Instagram and WhatsApp.

The fourth-richest man owns the Washington Post and Amazon MGM Studios.

Another billionaire owns Fox News, the Wall Street Journal and the New York Post.

Why are the ultra-rich buying up so much of the media? Vanity may play a part, but there’s a more pragmatic – some might say sinister – reason.

If you’re a multibillionaire, you might view democracy as a potential threat to your net worth. Control over a significant share of the dwindling number of media outlets would enable you to effectively hedge against democracy by suppressing criticism of you and other plutocrats, and discouraging any attempt to – for example – tax away your wealth.

You also have Donald Trump to contend with. In his second term of office, Trump has brazenly and illegally used the power of the presidency to punish his enemies and reward those who lavish him with praise and profits.

So perhaps it shouldn’t have been surprising that the editorial board of the Jeff Bezos-owned Washington Post defended the razing of the East Wing of the White House to........

© The Guardian