ABSTRACT
Beginning in themid-1980s financialmanagement of the enterprise becameaprincipal focus of media companies. Prior to that time, corporate strategy for media companies was primarily concerned with operational issues such as broadcast programming or newspaper circulation. This changed with the advent of leveraged buy-outs, hostile takeovers, and the development of large, vertically integrated media conglomerates. This resulted in a focus on maximizing common stock values. The key to maximizing common stock value is focusing on the performance of assets as measured by financial metrics.
