Assembly Required with Stacey Abrams
Episode 71: “How Billionaires Are Destroying the Media” (with Joy Reid)
Release Date: February 10, 2026

Episode Overview

This episode explores the alarming concentration of media ownership in the hands of billionaires, examining how their interests are undermining journalistic integrity and, by extension, democracy itself. Stacey Abrams is joined by Joy Reid, political commentator, author, and independent media creator, for a candid, insightful discussion about the collapse of legacy newsrooms, the rise of propaganda, and how new independent voices can resist the slide toward autocracy.

Key Discussion Points & Insights

1. Bad Bunny’s Super Bowl Halftime Show: Joy as Resistance

• [03:32 – 13:28]
• Stacey opens with reflections on Bad Bunny’s Super Bowl halftime performance as a celebration of joy and civil disobedience.
• Commentary on the symbolic use of sugar cane fields—connecting Puerto Rican heritage to shared experiences of labor and resilience across communities of color in America.
• Bad Bunny’s celebration as political: his tacit rebuke of ICE and traditional exclusion, and his nod to the ongoing crises in Puerto Rico.
• Abrams: “Darkness might feel inevitable, but joy is a choice that we have to make. Despite their villainy…he told the rest of us that we can choose joy. We can choose to acknowledge the darkness, but not let it consume us.” [08:22]
• Democracy is at “halftime” in a battle with authoritarianism—cultural moments matter in this struggle.

2. State of the Media: Billionaire Takeover and Democracy in Peril

• [19:29 – 25:55]
• The Washington Post is used as a case study—major layoffs and a rapid decline in local, foreign, and race coverage under Jeff Bezos.
• Joy Reid explains that oligarchs controlling media follow the Russian model post-democratization, where media is used as a tool to serve state interests and suppress dissent.
• Reid: “Why would a billionaire whose goal in life is to make money purchase an asset that he knew to be dying?... He bought that paper for a reason… When they pulled the endorsement of Kamala Harris, that was the first thing he did. Then… ‘Democracy Dies in Darkness’ went away... Now step five, all of the foreign coverage is essentially neutered. And then all the race coverage gone. No more DEI coverage, no more coverage about race.” [22:14]
• Media consolidation is not random—Reid lists parallels across CBS, Paramount, CNN, and more, linking them to defense contracts and ambitions for a “total surveillance society.”

3. From Hard News to Outrage Media: How the Business Model Evolved

• [25:55 – 37:21]
• Stacey historicizes the shift: From CNN’s hard news focus in early cable days to the rise of punditry and the elimination of the Fairness Doctrine in the 90s.
• Joy details how Fox News and MSNBC (originally created by Microsoft and GE) pivoted news toward amygdala-driven, partisan shouting matches.
• Anecdote: “Notice that CNN would have breaking news on everything, stuff that wasn’t even really breaking news. It kept you fired up emotionally so you would just keep watching.” [34:09]
• Fox, unlike MSNBC, is not bound by journalistic standards and can freely propagate misinformation.
• Social media further erodes informational integrity—users now “choose your own adventure,” selecting realities that match their biases.

4. Dangers for Democracy: Attacking and Replacing the Truth

• [37:21 – 41:42]
• Stacey frames it within her “10 steps to authoritarianism”: Step 6 is “attack the truth, reshape reality.”
• Joy discusses her transition from network TV to independent platforms: liberation from censorship but also new vulnerabilities, as distribution still depends on tech oligarchs.
• Fear of government pressure on platforms to enforce “balance,” which can mean forced amplification of extreme voices or misinformation.
• “It’s not that they ever told us what to say. It’s that you knew that you were gonna get a call if you said something… So you start to censor yourself.” [39:51]

5. The Role and Responsibility of Independent Voices

• [44:54 – 48:18]
• Stacey asks about the value of politician-hosted podcasts and hybrid news formats.
• Joy replies, “It’s more than necessary, it’s critical… We need both straight-up journalists… analysts… and then we also need to network ourselves. In isolation, we are not as powerful as we are when we are working in network and in community.” [46:08]
• As mainstream legacy infrastructure collapses, insiders and analysts—especially those with lived campaign or governing experience—become key informers and organizers.

6. Courage, Risk, and Speaking Out Under Authoritarian Threat

• [48:18 – 52:33]
• Stacey references Joy’s experience (almost getting fired for criticizing the Iraq war as a young Black journalist) and the intimidation facing activists today.
• Joy’s guidance for young people: Accept that America is experiencing a fascist moment, assess your own risk, and do something—silence is not an option.
• “I’ve been saying to people lately, the first step toward fighting autocracy is acceptance. We need to accept what we are… Right now, we’re Hungary. We’re close to Russia…The first step is acceptance… then you figure out what your comfort level is, and you act. But the only thing that’s not okay in this moment is doing nothing.” [50:44]

Notable Quotes and Memorable Moments

• On Media Oligarchs:
  “The media is being taken over and being brought under the ownership and control of a set of oligarchs whose interest is not democracy or truth or journalism. Their interest is aligning themselves with the autocrat…” — Joy Reid, [24:31]

• On Propaganda:
  “Step 6 is you attack the truth. And that by attacking the truth, you reshape reality… it’s about filling the void with propaganda and reshaping what people understand to be what actually is.” — Stacey Abrams, [37:21]

• On Independent Journalism:
  “We need both straight up journalists who just do what they do…you need people who can do analysis… but in isolation, we are not as powerful as we are when we are working in network and in community.” — Joy Reid, [46:23]

• On Resistance:
  “I’ve been saying to people lately, the first step toward fighting autocracy is acceptance… and then you act. But the only thing that’s not okay in this moment is doing nothing.” — Joy Reid, [50:44]

Timestamps for Important Segments

• [03:32] – Stacey on Bad Bunny’s Super Bowl performance as cultural resistance
• [19:29] – Joy breaks down the collapse at the Washington Post and billionaire motives
• [27:43] – History of cable news and the shift to pundit-driven models
• [32:24] – Joy on CNN, Fox, and how cable news warped journalism
• [37:21] – Stacey explains “attacking the truth” as an authoritarian playbook move
• [38:43] – Joy on the perils and promise of post-network independent media
• [44:54] – Stacey and Joy discuss the crucial role of hybrid news voices and networking
• [48:18] – Reckoning with courage, safety, and resistance under the new regime
• [52:33] – Joy gives direct advice for young activists and those afraid to speak out

Conclusion & Calls to Action

• Abrams emphasizes supporting quality journalism and especially Black media, citing an 80% revenue decline since the anti-DEI backlash.
• Calls to organize in media and activism: “As much as we talk about the 10 steps to authoritarianism and autocracy, part of the 10 Steps campaign is to talk about what are the 10 steps to not just surviving this moment, but to winning."
• Practical actions: subscribe to local media, support Black journalists via NABJ, and counter vaccine disinformation.

Further Engagement

• Joy Reid’s work can be found at thejoyreedshow.com and her Substack, Joy’s House (joyannreid.com), where she provides context and “the tea” on current events.
• Stacey Abrams’s 10 Steps campaign at 10stepscampaign.org, with resources in English and Spanish.

This episode is both a sobering warning and a rallying cry: understanding how billionaires are destroying the media is essential to resisting the current threats to democracy and to building more resilient, connected, and courageous networks for truth.