Economic policy essay: Vertical integration, monopoly, and the first amendment

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Abstract
Tension between regulation of communication media and First Amendment values is explored by identifying conditions in which vertical integration by media monopolists into content provision will lead to changes in content. The author argues that although a profit maximizing monopolist is likely to raise prices, no predictable bias in content provision emerges, whether or not the monopolist is vertically integrated. More severe consequences attend integration by individuals or firms with non‐profit related motives or who expand into content markets to evade profit regulation.

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