Who Owns the Technology of the Future? An Analysis of Investment and Acquisition Strategies in Artificial Intelligence Technologies of Large Digital and Media Conglomerates
2026-03-03
Uwe Eisenbeis, Magdalena Ciepluch, David Simões
This paper presents a theoretical concept of “Technology Ownership” and outlines five dimensions that are relevant in the context of technology investment decisions: “Technology Investment Scope”, “Technology Investment Breadth/Variety”, “Technology Investment Depth”, “Technology Investment Exclusivity”, and “Technology Investment Earliness”. These dimensions and a resulting “Technology Ownership Score” are measured and applied in an empirical study to analyse almost 2,000 AI investments and acquisitions of 64 large digital and media companies over the past 23 years (from 2000 to 2023). The study examines the transformative role of AI in the media industry, emphasizing the ownership of AI technologies as a key factor influencing future market structures and competitiveness. The study concentrates on the strategic actions of leading digital and media companies, their investments and acquisitions in the field of AI, and the distribution of power through technological ownership structures. Five patterns of “AI-Technology Ownership” can be observed among leading digital and media companies. Most important: While the major digital conglomerates, notably Alphabet, Microsoft and Amazon, dominate the field of AI technology, it is becoming evident that legacy media outlets are becoming increasingly reliant on these digital corporations due to the growing influence of AI.