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MEDIA MOGULS are among the many of us with difficult, thankless--indeed maligned--jobs. It is customary, sometimes with good reason, to speak ill of them. But like police, politicians and journalists, where would we be without them? Somebody has to be responsible for marshalling and managing the immense capital, cash flow and revenue required to run daily newspapers or commercial television channels.
There seems no ideal model. Co-operatives rarely work much anywhere in this capital-hungry age, and the recent record of groups with a wide shareholding and no single strong figure has not been inspiring. Much as millions might wish it otherwise, generations-long ...