Media consolidation is terrible for American society, because it results in these massive 24 hour per day news networks with hideous slants and biases. When this happens, it gives the general public misinformation and fires them up in all of the wrong ways. So yes, this is terrible for society.
While I think that having many different voices is a good thing at the same time consolidating the different like minded networks together and bringing together a higher quality of news overall is most likely net beneficial compared to having many small networks with lower quality news, I believe as long as we have networks advocating both sides it's ok for media consoldation.
Media consolidation is not bad for society because as it stands there are only a few people who run the media. Media consolidation would likely lower costs of items such as newspapers, magazines, news broadcasts, and other media forms. Media consolidation would open the market for independent journalist, providing the ability to focus more on local issues. Media consolidation would also bring consistency to information that is reported.
No, there is nothing wrong with this, and I think that the media does a good job of getting all of the facts of the world out today and that they are not all that bad like most of the people of today think that they are now in today.
Media consolidation in America is in a big way the result of trying to reach as much of the market as possible, which often results in meeting in the middle and providing little differentiation from other media outlets. The risk is that unique stories and insights are not being offered due to consolidation, but evolving technologies provide the means to reach out to people if needed.