Forget AT&T. The Real Monopolies Are Google and Facebook.

[Commentary] Alphabet (the parent company of Google) and Facebook are among the 10 largest companies in the world. Alphabet alone has a market capitalization of around $550 billion. AT&T and Time Warner combined would be about $300 billion. Alphabet has an 83 percent share of the mobile search market in the United States and just under 63 percent of the US mobile phone operating systems market. AT&T has a 32 percent market share in mobile phones and 26 percent in pay TV. The combined AT&T-Time Warner will have $8 billion in cash but $171 billion of net debt, according to the research company MoffettNathanson. Compare that to Alphabet’s balance sheet, with total cash of $76 billion and total debt of about $3.94 billion. In the first quarter of 2016, 85 cents of every new dollar spent in online advertising will go to Google or Facebook, according to Brian Nowak, an analyst with Morgan Stanley. Google and Facebook can achieve huge net profit margins because they dominate the content made available on the web while making very little of it themselves. Instead, they both have built their advertising businesses as “free riders” on content made by others, some of it from Time Warner. The rise of these digital giants is directly connected to the fall of the creative industries of our country.

[Taplin is the author of “Move Fast and Break Things: How Google, Facebook and Amazon Cornered Culture and Undermined Democracy.”]