Economy of New York City bank with a permanent vote on the Federal Open Market Committee and its president is traditionally selected as the Committee's vice chairman. The bank also has the largest gold repository in the world, larger even than Fort Knox. Its vault is 80 feet (25 m) beneath the street and holds $160 billion worth of gold bullion. Silicon Alley, centered in Manhattan, has evolved into a metonym for the sphere encompassing the New York City metropolitan region's high tech enterprises involving the Internet, new media, telecommunications, digital media, software development, biotechnology, game design, and other fields within information technology that are
Concentration of media ownership Concentration of media ownership Concentration of media ownership (also known as media consolidation or media convergence) is a process whereby progressively fewer individuals or organizations control increasing shares of the mass media. Contemporary research demonstrates increasing levels of consolidation, with many media industries already highly concentrated and dominated by a very small number of firms. Globally, large media conglomerates include Bertelsmann (BMG), National Amusements (Viacom Inc. and CBS Corporation), 21st Century Fox Inc (merging with Disney on January 1, 2019), Sony Corporation, Comcast, The Walt Disney Company, AT&T Inc., Turner Broadcasting System, Hearst Communications, MGM Holdings Inc., Grupo Globo (South