Many of the large media companies are fully integrated into the market, and for the others, too, the pressures of stockholders, directors, and bankers to focus on the bottom line are powerful. These pressures have intensified in recent years as media stocks have become market favorites, and actual or prospective owners of newspapers and television properties have found it possible to capitalize increased audience size and advertising revenues into multiplied values of the media franchises—and great wealth.18 This has encouraged the entry of speculators and increased the pressure and temptation
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