For this post, I am focussing on the colussus that is General Electric, and more specifically, its news media interests.
Who- General Electric is the public parent of an amazing 1 945 companies (the worlds largest corporation), with over 323 000 employees. Many of GE’s subsidiary brands could be on the fortune 500 list on their own. General Electric is ranked 5 on this list.
What- Being such a large company, it is pretty hard to describe all its interests and assets, but some of them include: aircraft engines, power generation, water processing, security technology, medical imaging, business and consumer financing, media content and industrial products. NBC appears to be its main media interest. GE owns 80% of NBC, with Vivendi international (who own Universal) owning the remaing 20%. Despite its vast interests, GE appears to have no real interest in expanding into other media fields, and doesn’t have any news media interests.
GE owns $797,769,000,000 worth of assets (no, that is not a typo).
When- GE was formed by Thomas Edison in 1890, and was incorporated in 1892. It originaly functioned as a patent holder for many of Edison’s designs. As discussed above, GE has since diversified into area’s such as oil and gas, engines, finance, media entertainment, and banking. Recently, GE has been pushing into the green energy market, investing billions each year in solar, wind and geothgermal power, perhaps as a means of diverting attention from the fact that it is the 4th biggest corporate air polluter in America (over 2000 tonnes per year).
Where- GE is a multinational conglomerate headquartered in Fairfield, Conneticut. Its New York main offices are located at 30 Rockefeller Plaza in Rockefeller Center, known as the GE Building. NBC’s headquarters and main studios are also located in the building.
Why- With its media interests mostly focussed on NBC, GE’s political influence is much more subtle. Most of its influence is wielded through donations, contributions and PR campaigns. For example In the ‘05/’06 election cycle, GE donated $1,281,400 to political campains, 63% of which went to the republican party. In 2006, GE spent $19,420,000 for lobbying in 2006. $4,050,000 of this total went to 39 outside lobbying organisations.