This article synthesizes several existing economic perspectives on the incentives for and consequences of media consolidation. Because of the two-sided nature of media markets, media mergers may lead to unexpected effects, which may not be deduced from common notions of industrial economics. We...

The consequences of diversity over a number of pertinent dimensions is often not adequately acknowledged in economics. As Reinhard H. Schmidt (in this issue) states: “One could easily cite important recent research contributions with no traces of institutions and institutional differences of...