The reason that is possible is centralization. Transnational mega corporations know no borders. This is especially dangerous in the news business. In the internet era, that includes facebook, google, reddit and instagram. This incestuous orgy that you talk of is these news organizations working hand-in-hand with the intelligence agencies of neo-imperialist nation-states, which still have a monopoly over violence (thankfully?). These intelligence agencies are actually doing the bidding for those corporations that are in alignment with them. By alignment I mean compromised - cue, Epstein et al.

There indeed seems to be a gradual creation of a parallel society of elites who deflect any attention towards them by making news mafia create unrest on social issues. It's information warfare. And those who understand this are then told that this is how nation-states survive in the modern era, i.e., create powerful oligarchies and help them gain ground in weaker nations. And so we have the Adanis and Ambanis here.