Includes bibliographical references, index and appendix.

Contents: Introduction: The new media industry and old dilemma: 21st-century media -- The lessons of failure -- Media in a democratic society -- Plan for the book -- Profits and the public interest: Theoretical and historical context -- Media, markets, and the public sphere: The market model -- The public sphere model -- Why media are different from other industries -- The tradition of civic responsibility -- The public interest -- Conflicting logics -- The rise and (De) regulation of the media industry: The changing business of media and regulation -- The growth of media -- The evolution of media -- Media policy and the public interest -- Industry structure and corporate strategy: Explaining the rise of media conglomerates -- The new media giants: Changing industry structure: Making sense of mergers -- Structural trends in the media industry -- Interpreting structural changes -- Strategies of the new media giants: The case of titanic -- Strategies of the new media giants -- Beyond market strategies: The specter of monopolies -- Conclusion -- Neglecting the public interest: Media conglomerates and the public sphere -- How business strategy shapes media content: Considering the public interest -- Homogenization and imitation -- Trivialization and sensationalism -- Media constraint I: Commercial interests -- Media constraint II: Censorship and conflict of interest -- Conclusion -- How the media business influences society: Social influences -- Political influences -- The special role of news media -- Conclusion -- Choosing the future: Citizens, policy, and the public interest -- Regulatory policy and the public interest -- Media and public policy -- Public policy and public broadcasting -- Journalism as a profession -- Citizen activism and alternative media -- The limits of media, the importance of media.