Journalism in Crisis: Corporate Media and Financialization (Nuria Almiro)
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Title: Journalism in Crisis
Sub-title: Corporate Media and Financialization
Author(s): Núria Almiro
Publish Date: September 2010
|Financial prevalence in current economics has been largely discussed among critical and non-orthodox economists, Corporate media, the commodification of culture and information, and its consequences on journalism have been extensively dealt with in the work of critical scholars. Data on financial institutions in the ownership and boards of directors of media firms are being collected regularly by media-management researchers. At the same time, however, the picture as a whole was lacking: the connection among data and the critical theories within the underlying and ubiquitous context of financial capitalism. That is, the current scenario where the chronic crisis of journalism exacerbates.|
This book aims at explaining the financialization of corporate media and its consequences on journalism. The story starts by tracing back the roots of the links between finance and information and continues until the collapse of the current media conglomerates of the 21st century under the global 2008-2009 crisis. Media history, theoretical approaches, and empirical data are provided as evidence of how news media producers have added financialization to corporate subordination. The goal is to denounce the weakness of the foundations on which the media industry has been building its empires, and the profound impact that this preeminence of finance over real economy has on a key facet of democracy.
Preface, Robert W. McChesney. INTRODUCTION. Financial Capitalism and Financialization. What Is the Financial System and What Is Its Purpose. Financial Capitalism. What Is Financialization. The Financial Globalization Process and Its Consequences. The Fallacy of Financial Capitalism Being Overcome Thanks to ICTs. FINANCE AND INFORMATION. The Historical Links between Modern Finance and Modern Media. The Neoliberalization of Cultural and Communications Industries. The Financialization of Information. The Information and Communications Dependency of the Financial System. Tools for Measuring Media Financialization. FINANCIALIZATION IN THE WORLD'S TOP MEDIA CONGLOMERATES. The Media Industry. Ownership and Quotation: The Financialization of the Capital Structure. Indebtedness: Leverage, Always Leverage. Corporate Goals: When Profitability Comes Mainly From Finance. Other Tools: Financialized Labor and Offshore. Board of Directors: Financiers Inside Decision Cores. Some Conclusions. RISKS OF MEDIA FINALCIALIZATION FOR JOURNALISM. A Financialized Public Space: Finance and Media Convergence. News-Media Firms, News Messages, and Journalists at Risk. When Editorial Autonomy Is an Illusion. The Main Risk: From Crisis to Collapse. Notes. References, About the Author.
Author Index. Subject Index.