You might be referring to the remnants of broadcast television. I'm referring to the screen-based productions capturing the eyeballs of tomorrow.
One serious strand of America's whip of many thongs is the inability or refusal to acknowledge the rise in power and influence elsewhere.
As Gandalf - the last remaining talkshow host - gets pulled off the bridge into the abyss, he looks up to see a motley brigade of multi-cultural hobbits dashing for the surface with their wits and wallets thankfully intact.
Please excuse my excruciating reimagining of your wild fantasy metaphor.
The things China does strictly within the walls of its own insular society is a very far cry from representative of "global media culture and business".
It is very much dominated by American media companies at every level. Funding, development, production, distribution.
Something doesn't happen until it happens. And even when it happens, it might fail.
So far China hasn't broken down many walls, for example I'm fairly sure they can't do what TSMC does.
And for media... guess what, they need to open a lot of things up. There's a lot more freedom of speech in the US, so US media can be about a lot of things interesting to the rest of the world. The US even has a lot media catering to other countries (for example media targetting Chinese audiences).
I mean, China could try that, we have the examples of Japanese and South Korean media, but both of those are democratic, and even then, it took them a long time to develop. Plus neither of them are near the levels of influence US media has.
This is wild fantasy.
the global power centers of TV distribution, monetization, and intellectual property ownership remain overwhelmingly American.