Sure, but at the same time I think you have to distinguish between entertainment and information. It doesn't really matter who's putting out the latest in Hollywood blockbusters, sitcoms, or whatever. It might mean a bit less diversity in what's offered, but it's junkfood any way you look at it.
By contrast, the fact that the news is in large part quite literally just a branch of these huge corporate conglomerates is certainly something that I think does matter. In many cases the interests of these corporate conglomerates and the average person can come into conflict, yet the average person then goes and consumes their information from the conglomerate. That's not really a great system.
Media and news is just media; news has always been part of the media industry.