Iceland local news media

Settled by Norwegian and Celtic immigrants during the late 9th and 10th centuries A.D., Iceland boasts the world's oldest functioning legislative assembly, the Althing, established in 930. Independent for over 300 years, Iceland was subsequently ruled by Norway and Denmark. Fallout from the Askja volcano of 1875 devastated the Icelandic economy and caused widespread famine. Over the next quarter century, 20% of the island's population emigrated, mostly to Canada and the United States. Limited home rule from Denmark was granted in 1874 and complete independence attained in 1944. The second half of the 20th century saw substantial economic growth driven primarily by the fishing industry. The economy diversified greatly after the country joined the European Economic Area in 1994, but Iceland was especially hard hit by the global financial crisis in the years following 2008. Literacy, longevity, and social cohesion are first rate by world standards.

Iceland has a state-owned public television broadcaster, which operates one TV channel nationally. Additionally, there are several privately-owned television stations broadcast nationally and roughly another half-dozen operate locally. About half of Icelandic households have multichannel cable or satellite TV services. The state-owned public radio broadcaster operates two national networks and four regional stations. Two privately-owned radio stations operate nationally and another 15 provide more limited coverage.

Ownership of traditional print media in Iceland is highly concentrated with two main ownership blocks. Ownership of newspapers is however intertwined with broadcast media, as there are no special limits on cross ownership between these two types of media. The two large publishing houses are Arvakur, which publishes Morgunbladid, and 365 media, which publishes the free paper Frettabladid. 365 media also owns and runs a TV and radio station with a number of channels.