Regulating media markets in the public interest: principles beyond competition

The difficulties of regulating the giant corporations whichoperate within the broadcast and print media are well-charted. Whetheron a local, national or international scale, establishing or maintaininganything beyond a meager oligopolistic version of competition appears tobe a near impossible task. Despite this, governments persist with regulatory intervention to pursue a competitive environment, or at least address the consequences of oligopoly. It is clear, however, that such interventions incorporate “public interest” premises which extend beyond the economic values associated with the effective or efficient operation ofmarkets. This article explores these issues in the context of two recentdevelopments in the U.K.: the regulatory and legal response to BSkyB’s purchase of a substantial shareholding in ITV, and, the Inquiry of theHouse of Lords Select Committee on Communications into media ownership and its impact on news output. These developments illustrate the importance of clear principles within the conceptual frameworkwhich underpins the regulatory endeavour in this area