Final answer:
The greatest concern regarding concentrated media ownership is the restriction of information diversity, leading to potential censorship and a focus on profits over public service, which undermines democratic discourse.
Step-by-step explanation:
The greatest concern by observers of concentrated media ownership is that it potentially limits the diversity of information and viewpoints available to the public. When fewer companies control most media outlets, an oligopoly is created, resulting in less incentive to innovate or decrease prices. Monopolies can lead to a monopoly on information, where conglomerate ownership imposes policies that may restrict the types of information disseminated, possibly leading to censorship of dissenting opinions and harmful impacts on the democratic process. For instance, media conglomerates may favor profitability and their stockholders' interests over the public's right to know, altering the landscape of journalism to cater to the interests of a minority and the power elite.
The pattern of concentrated ownership also affects newspapers and can influence market competition and advertising rates, as seen with Gannett Company's acquisitions. The necessity of balancing business interests with the public's expectation of unbiased information and public service creates tension within the media industry, with profits often being prioritized over impartiality. The effects of the concentration of media ownership raise concerns about the true independence of media outlets in providing diverse and unbiased content critical for a healthy democracy.