This is a very good introduction to both economics and each of the major media industries, namely the Daily Newspaper Industry, Book and Magazine (Print) Industry, the Broadcast Networks, the Cable Industry, Hollywood, Radio, the Recording Industry, the Advertising industry and burgeoning Online Media.

This volume defines all important introductory economic concepts and terms.  It explains why most mergers are unsuccessful (pages 14, 22, 38, 82 and 234), why joint ventures are so common and profitable (page 40), and all of the individual revenue streams of each of the different mediums listed above.  This volume is accessible and very interesting.  Moreover, when read in conjunction with Baker’s two books, it helps illuminate some of his points, specifically how conglomerates can be in the best interest for consumers in some ways while simultaneously detrimental to them as well.  Namely this book gives a fair description of the state of the industry and allows one to draw his/her own conclusions.  It portrays the situation without making overtly normative judgments.