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The Australian information society, just like any other, has to face international competition. As a result, large conglomerations of multinationals such as Rupert Murdoch’s News Corporation are formed via mergers of companies, across various communication and information industries owning newspapers, radio stations, airlines, banks, telecommunications, media product, Cable (pay TV) etc. giving rise to cross ownership. This essay aims to critically analyze the advantages of foreign ownership of the media in comparison to the significant disadvantages that arise through this implication. The rise of these global commercial media system has implications for media content, politics and culture as they are dominated by less then ten global transnational companies (TNCs) which are among the largest firms in the world (Brown, 2000:5). This suggests the justification for this reason is because the media industry does not just produce goods and services to product consumers but products of culture thereby able to exert influence on society. Cross ownership is seen as an advantage useful for subsidiaries such as CNN, Time magazine and Warner Brothers movies in terms of cross promotion (McChesney, 1998:30). “Their new corporate t