Principles of Journalism Week 10.docx - Principles of Journalism Week 10 The Economics of Journalism I Journalism and the Market Sam Zell Founder of

Principles of Journalism Week 10.docx - Principles of...

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Principles of Journalism Week 10 The Economics of Journalism I: Journalism and the Market Sam Zell Founder of Equity International, a private investment firm Dubbed the “LA Times’ Human Wrecking Ball” Bought Orlando Sentinel in 2008, as recession started to bite Held Q&A with staf Implications Illustrates a key tension in American journalism o A clash of worldviews – a businessman concerned with profit and a journalist concerned with duty to the public o Profit vs. public service o Tension: Journalism is a public good yet is (mostly) privately owned Journalism as a public good What is a public good? o A term from economics National defense, national parks, street lighting, education o One person using a public good does not reduce its availability to others and excludes nobody o Funded publicly because benefits are difficult to finance privately How is journalism a public good? o Analogy: You can eat an apple (a private good), making it unavailable for others, but reading a news story about apple production does not prevent others from consuming that story However, o News incurs extremely high “first copy-costs” but its public good
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  • Spring '08
  • hansmeyer

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