ABSTRACT
Public good theory is an especially useful manner to approach the issue of media and, especially, journalism. On the one hand, nearly all US media are privately held, operated for profit, and dependent to a large degree upon advertising for a significant amount of their revenues. On the other hand, media play a central role in providing the basis for culture and civic life. That there is a conflict between these two objectives—to serve owners and advertisers and to serve citizens—has been a recurring theme in media criticism throughout the twentieth century. Journalism has been regarded as a public service by all of the commercial media throughout this century. In particular, commercial broadcasters displayed their public service through the establishment of ample news divisions. These were largely noncommercial during broadcasting's early years and did not become a "profit center" until the 1970s.
