Final answer:
Media consolidation is the term for strategic relationships between media and information companies resulting in an oligopoly, where a few firms control most media outlets. In the U.S., only five companies control roughly 90% of media entities, which can influence public discourse and the diversity of information.
Step-by-step explanation:
The term for strategic relationships between media and information companies is known as media consolidation, a process where a diminishing number of companies gain increasing control over the majority of media outlets. This significant concentration of ownership results in an oligopoly, a market condition where only a few firms dominate. In the United States, just five corporations control about 90 percent of media outlets, a stark contrast to the 50 companies that held this power in 1983.
Moreover, major conglomerates not only own traditional media platforms such as TV and radio but also possess significant stakes in new media, which includes digital and interactive platforms. The media landscape today is shaped in large part by these multinational conglomerates, which, through their vast networks of subsidiaries, create a monolithic source of information that can impact public discourse and access to a variety of viewpoints.