This article examines the neoliberal transnationalization of the communication industry via consolidation. It analyses foreign and domestic investment activities in the communication industries through mergers and acquisitions (M&As) in the broadcasting, advertising, newspaper and telecommunications ( basic services) industries between 1983 and 2005. The article discusses the way in which the two most significant events in the global communication system - the 1996 Telecommunications Act and the 1997 WTO agreements as major neoliberal reforms - have changed the landscape of the global communication industry. Finally, the article explores the role of the US corporations - which have been considered the key players in the global communication system - in the global M&A market to determine whether, in the midst of neoliberal globalization, non-Western countries have expanded their influence on the global communication system through investing their capital.