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Recent decades have seen major disruptions to the local media environment in the United States. The changing economics in local news media has resulted in the purchase of many previously independent local newspaper and television outlets by conglomerates as well as the consolidation of existing ownership groups. The economic incentives of media conglomerates leads to cutting costs through the nationalization of news and disinvestment in local reporting, with implications for voters' ability to obtain information about local politics. We examine the political implications of media ownership consolidation, exploiting the purchase of media outlets by conglomerate owners. Using state legislative elections, local elections and political participation data, we show an increase in incumbency advantage, decreases in election competitiveness, and decrease in the rate of contested elections associated with the acquisition of a local media outlet by a conglomerate owner. These results hold important implications for the ability of voters to hold elected officials accountable and how this relates to the regulation of media ownership.