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TBH, well informed people were well aware of these connections & dynamics. I remember seeing this animated segment the first time it aired, and while I was delighted by the parody and reinforcement of the message, but if you weren’t aware of this by the late 90s, you were willfully ignorant.

Tho it wasn't specifically about media mergers, the excellent film Network predicted informative news devolving into infotainment, corporate interference, "reality" TV, and rage bait, back in 1976.

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Recall a scene where cops raided an apartment and found that the inhabitant had somehow disconnected his 24/7 propaganda TV. “He’ll get years for that!” one muttered. Will that happen when WE dare to turn off TrumpTV?