Learn Icelandic: Fjölmiðlarnir enskuvæða samfélagið alltof mikið.

It is formed by combining the noun enska (English) with the productive suffix -væða, which means 'to -ize' or 'to -ify'. It turns the noun into a weak verb (past tense enskuvæddi). Here it is in the present tense plural to match Fjölmiðlarnir.

Why is samfélagið in the accusative case here?

It acts as the direct object of enskuvæða. Almost all verbs created with the -væða suffix take an accusative direct object, because they describe a transformation being directly applied to something (in this case, society).

What exactly does the compound word Fjölmiðlarnir consist of?

It is the definite plural form of fjölmiðill. This breaks down into the prefix fjöl- (meaning 'multi-' or 'poly-') and miðill (meaning 'medium' or 'channel'). It is the standard Icelandic word for the mass media.

What is the difference between saying of mikið and alltof mikið?

Of mikið simply means 'too much'. Adding allt- creates the intensified adverb alltof, meaning 'far too' or 'way too'. It is a very common, everyday way to add emphasis in Icelandic.