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As long as media companies remain privatized, rather than state-controlled, they'll be subject to these conflicts.
One suggestion: reverse the trend toward consolidation by employing anti-trust laws more aggressivley. I believe that news outlets function best when news is their only business. Yes, there will always be some financial conflict of interest but it can be contained. As an adjunct, I think we ought to foster, not vilify, publicly-run news services such as PBS.