I attended the last media ownership hearings here in Seattle and it felt like an Evergreen College reunion. There wasn't a single articulate business position advanced, but every whaco with an axe to sharpen was there to explain why consolidation would prevent them from advancing their 'duck crossing' agendas.
Equally, we've seen that the majors struggle with consolidation - it's not like they've become fat cats. Look at the write downs all the radio/tv companies have taken (CBS brags about selling radio stations for 14 times cash flow when they bought them for 20 times!) and the disassembly of Clear Channel.
This is all political...in the end, the FCC will make no changes. That'll keep everyone unhappy. But it'll be a good compromise because everyone will be equally unhappy!