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Partly they bought themself media companies, but also most media makes most of their money from ads and guess who the rich companies like. Also when you are successful with a media company, you end up rich, which then aligns your interest with the rich.
Also it is not resolved easily. Public broadcasters tend to be aligned with politicans, which makes them fairly centrist. There are some media companies run by foundations and the like and that seems to work okay.
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If you just kill the media billionaires, the current system will just create new ones. Going for a revolution is not at all easy and even that has a long history of ending up with a system, which is very similar to the previous one, just with different assholes.
System change is not easy at all.