This paper argues that because of a recent, sizable increase in the number of mergers and acquisitions, especially by foreign corporations in the United States, it is possible that a small number of firms could dominate the publishing and information processing industry in the world. The paper outlines briefly the patterns of mergers and acquisitions of U.S. publishing firms between 1984 and 1988; describes some theories explaining the increase in mergers and acquisitions; presents case studies of three foreign firms (Canadian, Australian, and British) involved in mergers and acquisitions; and examines some key public policy issues directly related to these mergers and acquisitions. The paper concludes that the battle for worldwide hegemony in the competitive field of publishing and communications just might be won in the next three years in New York City, Chicago, and Los Angeles, as a small number of foreign and American firms carefully construct the information empires of the future. Six tables of data and 28 notes are included. (MS)