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I can’t remember anyone respecting mainstream US news for the last 30+ years. Aren’t most news agencies, directly or indirectly, owned by BlackRock, State Stree

I can’t remember anyone respecting mainstream US news for the last 30+ years. Aren’t most news agencies, directly or indirectly, owned by BlackRock, State Street, or the Vanguard Group? That’s a real question.

verteu 2y ago
Asset managers do not control the news. Jack Bogle died with a net worth of $80mm. He was not even powerful enough to afford a top-tier penthouse in Manhattan, let alone control the media.
- slowhadoken 2y ago
  BlackRock, State Street, and Vanguard Group each respectably manage trillions of dollars in asset, private equity, and debt. They're independent firms but each own substantial shares in one another. Together these 3 firms are major shareholders in FAANG (big US tech) and mainstream US news agencies. BlackRock alone has disclosed through their latest SEC filings that it holds stakes in 5,387 companies globally. https://fintel.io/i/blackrock https://fintel.io/i/blackrock https://ecell.iitm.ac.in/blog/post/above-the-fold-a-company-that-owns-everything-blackrock https://ecell.iitm.ac.in/blog/post/above-the-fold-a-company-...
  - verteu 2y ago
    If managing clients' shares gives them such colossal power, how come the founder of Vanguard was worth less than the founder of In-N-Out Burger?
    - slowhadoken 2y ago
      The Medici Family was powerful because they were bankers of the papacy, i.e., they managed the Pope's finances.
JumpCrisscross 2y ago
> Aren’t most news agencies, directly or indirectly, owned by BlackRock, State Street, or the Vanguard Group? That’s a real question It’s a stupid question easily dismissed with a modicum of research. (Most papers aren’t public.)
- slowhadoken 2y ago
  Example (using “a modicum of research): MSNBC -> NBCUniversal News Group -> Comcast Corp (and Vivendi) -> The Vanguard Group (largest shareholder).
  - JumpCrisscross 2y ago
    Good job, you found one. Here’s a hint: you’ll find the same not only for heather other publicly-traded media companies, but almost every publicly-traded company. (If you want to go full lunatic, look up Cede & Co.) The problem with the original assertion is that most media outlets, including an overwhelming majority of newspapers, are privately owned. Notoriously, among the biggest ones, by billionaires.
    - slowhadoken 2y ago
      You’re quick with the insults. Keep it classy. I can think of another example off the top of my head: Fox News -> Disney -> Vanguard Group, BlackRock, and State Street (edit (I looked it up): the top institutional shareholders).
      - JumpCrisscross 2y ago
        > Fox News -> Disney Nope [1]. [1] https://thewaltdisneycompany.com/walt-disney-company-acquire-twenty-first-century-fox-inc-spinoff-certain-businesses-52-4-billion-stock/ https://thewaltdisneycompany.com/walt-disney-company-acquire...
        slowhadoken 2y ago
paulgb 2y ago
Those companies run ETFs. They “own” lots of companies because they sell broad market funds to basically every passive investor in America.
- slowhadoken 2y ago
  That sounds like a yes. Larry Fink famously announced that “you have to force behaviors” when describing how ESG is tied into investments proving he has weight to throw around.

verteu 2y ago

Asset managers do not control the news. Jack Bogle died with a net worth of $80mm. He was not even powerful enough to afford a top-tier penthouse in Manhattan, let alone control the media.

slowhadoken 2y ago
BlackRock, State Street, and Vanguard Group each respectably manage trillions of dollars in asset, private equity, and debt. They're independent firms but each own substantial shares in one another. Together these 3 firms are major shareholders in FAANG (big US tech) and mainstream US news agencies. BlackRock alone has disclosed through their latest SEC filings that it holds stakes in 5,387 companies globally. https://fintel.io/i/blackrock https://fintel.io/i/blackrock https://ecell.iitm.ac.in/blog/post/above-the-fold-a-company-that-owns-everything-blackrock https://ecell.iitm.ac.in/blog/post/above-the-fold-a-company-...
- verteu 2y ago
  If managing clients' shares gives them such colossal power, how come the founder of Vanguard was worth less than the founder of In-N-Out Burger?
  - slowhadoken 2y ago
    The Medici Family was powerful because they were bankers of the papacy, i.e., they managed the Pope's finances.

JumpCrisscross 2y ago

> Aren’t most news agencies, directly or indirectly, owned by BlackRock, State Street, or the Vanguard Group? That’s a real question It’s a stupid question easily dismissed with a modicum of research. (Most papers aren’t public.)

slowhadoken 2y ago
Example (using “a modicum of research): MSNBC -> NBCUniversal News Group -> Comcast Corp (and Vivendi) -> The Vanguard Group (largest shareholder).
- JumpCrisscross 2y ago
  Good job, you found one. Here’s a hint: you’ll find the same not only for heather other publicly-traded media companies, but almost every publicly-traded company. (If you want to go full lunatic, look up Cede & Co.) The problem with the original assertion is that most media outlets, including an overwhelming majority of newspapers, are privately owned. Notoriously, among the biggest ones, by billionaires.
  - slowhadoken 2y ago
    You’re quick with the insults. Keep it classy. I can think of another example off the top of my head: Fox News -> Disney -> Vanguard Group, BlackRock, and State Street (edit (I looked it up): the top institutional shareholders).
    - JumpCrisscross 2y ago
      > Fox News -> Disney Nope [1]. [1] https://thewaltdisneycompany.com/walt-disney-company-acquire-twenty-first-century-fox-inc-spinoff-certain-businesses-52-4-billion-stock/ https://thewaltdisneycompany.com/walt-disney-company-acquire...
      - slowhadoken 2y ago

paulgb 2y ago

Those companies run ETFs. They “own” lots of companies because they sell broad market funds to basically every passive investor in America.

slowhadoken 2y ago
That sounds like a yes. Larry Fink famously announced that “you have to force behaviors” when describing how ESG is tied into investments proving he has weight to throw around.