Story of my CV: Marriott International’s outgoing global marketing officer Karin Timpone started her career in PR, but it was her move to Universal Studios that led her on the path to marketing, with roles at brands including Disney and Yahoo.
When consumers share similar preferences, then additional consumers will bring forth additional products or improve the attributes or position of existing products and the consumers confer positive pecuniary preference externalities' on each other.
However, if distinct groups of consumers have substantially different preferences, the groups can hurt each other through product markets.
To this end, we need to abandon the pure free market economic approach that assumes that profit maximization is the paramount goal of a media enterprise.
Newspapers and broadcasters are not simple firms reducible to profit-generating equations but rather are large, complex social, cultural, and political institutions, and they need to be analyzed through an institutional economic model that takes into account externalities, both positive and negative, that have an impact on the public welfare.
Media organizations have largely opposed the rule since its inception, and their prospects for eliminating or limiting it brightened in 1996, when the new Telecommunications Act directed the FCC to continually review all ownership rules.
On September 13, 2001, the commission initiated a review of the newspaper-broadcast cross-ownership ban, asking, among other questions, whether the rule continues to be necessary to protect a diversity of viewpoints, whether the Internet and other “new media” have had an impact on the sources of news and information available, and whether joint operation of a newspaper and a broadcast station yield efficiencies and synergies that have public benefits.