“The Business of News:” Corporate Media’s Unreported Story

One of the biggest stories never told, at least not by corporate media, is that of the “business of news” and the behind-the-scenes financial considerations that directly impact the quality and usefulness of the news and opinion content we receive through TV, radio and newspapers.  Since corporate media doesn’t air its own dirty laundry, learning about the “business of news,” what has happened to it and why we should be very concerned requires a little research.  The good news is that information is available through books and the Internet, and that offered by experienced journalists and those who study media and communications is especially informative.  A few sources appear at the end of this post. 

Today, a select few large corporations now own much of our TV, radio, print and other media, which in turn means that the control of news and other important content rests largely in the hands of a few individuals who head these corporations.  Despite this fact, Republican FCC Chairman Kevin Martin earlier this week went forward with a “fast tracked” vote to further relax media ownership rules and allow big media to get even bigger over strong opposition from the public and from both Republican and Democratic members of Congress.  The 3-2 party-line vote and decision is likely to end up before Congress and the courts.   

Is junk media making you sick??? is a short video produced by a non-partisan media reform advocacy group opposed to this week’s FCC decision. It creatively highlights the sad state of our media today, a result of the changing face of the “business of news.”  What is depicted is the fallout of irresponsible demands and expectations by corporate executives and “numbers crunchers” (who don’t know or care about the role of journalism and diversity of opinion in a free society) that the News divisions of the media companies they now control generate profits on par with Entertainment and other non-news divisions.  While the video focuses on corporate-owned TV networks, the same “dumb down” provocative “infotainment” formula is being widely replicated nationwide in radio, newspaper and other media circles, as well.  The closing of important foreign news bureaus, the firing of reporters and other news gathering staff and the reduction or elimination of more expensive and risk laden investigative reports (that best hold governmental and corporate power interests accountable) are more fallout from this more demanding ”business of news.”  High quality news and forums that provide for civilized, wide ranging and important discussion and debate have become extremely rare, certainly the exception and not the rule.  

As more of us continue to notice the harm corporate media is doing to us, media decision makers at the holding company and operating levels struggle to try and keep the cat from coming completely out of the bag.  This includes denying the obvious and censoring passionate arguments advanced by respected journalists and others who make the strong case for how corporate greed has made TV, radio and print media an accomplice to the creation and/or maintenance of some of the most serious worldwide, federal, state and local problems and injustices in our lifetimes.  Media is like no other business, its importance to democracy and the public interest vital and unparalleled, its number one mission to hold people with power and influence over our lives and property accountable and to adequately inform us of the critical issues of our time.  If legendary broadcast journalist Edward R. Murrow were alive today, he’d surely be disgusted and ashamed by what has become of TV and print journalism and of the “business of news” in America.  

A Few Sources for More Information:

Into the Buzzsaw: Leading Journalists Expose the Myth of a Free Press (book)

Bad News: The Decline of Reporting, the Business of News and the Danger to Us All (book)

Rich Media, Poor Democracy (video)

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