Final answer:
Media consolidation refers to the phenomenon of fewer and larger companies obtaining dominance within an industry, leading to an oligopoly. This trend has been observed in the U.S. media industry and is subject to debate in other sectors with regard to new technologies facilitating either smaller or larger firm sizes.
Step-by-step explanation:
The question pertains to the concept of media consolidation, which is the process of consolidation into fewer but bigger companies dominating each industry. This trend has been particularly noted in the media industry where a limited number of corporations control a significant share of the media outlets, which can lead to a form of oligopoly. Likewise, in technology and other sectors, there's a debate on whether new technologies will lead to smaller firms due to increased market reach or larger firms through 'winner-take-all' markets and easier management across long distances, as seen with companies like Microsoft and Amazon.