After a number of mergers and acquisitions five powerful media conglomerates lead the world's content production and distribution. They operate on an international basis with subsidiaries all around the globe and engage in every imaginable kind of media industry.
Table: The World's Leading Media Companies
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(* Revenues of Time Warner only (merger with AOL took place in January 2000)
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The Council for Mutual Economic Aid (COMECON) was set up in 1949 consisting of six East European countries: Bulgaria, Czechoslovakia, Hungary, Poland, Romania, and the USSR, followed later by the German Democratic Republic (1950), Mongolia (1962), Cuba (1972), and Vietnam (1978). Its aim was, to develop the member countries' economies on a complementary basis for the purpose of achieving self-sufficiency. In 1991, Comecon was replaced by the Organization for International Economic Cooperation.
The News Corporation Ltd., a global media holding company, which governed News Limited (Australia), News International (U.K.), and News America Holdings Inc. (U.S.) was founded by the Australian-born newspaper publisher and media entrepreneur, Rupert Murdoch. Murdoch's corporate interests center on newspaper, magazine, book, and electronic publishing; television broadcasting; and film and video production, principally in the United States, the United Kingdom, and Australia.