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Ample literature argues that media is vital for the functioning of democratic public discourse and helps other firms comply with effective governance. While scholars have focused on understanding media’s impact on corporate governance, they have not thoroughly investigated how media companies are governed. Accordingly, we adopt a qualitative and comparative historical case narrative approach for investigating and analyzing corporate governance in commercial media firms. The paper contributes nuanced and critical insights into governance practices in the context of institutional change. Our evidence suggests that commercial media, suffering from firm governance challenges, may not have the collective capacity to effectively function as meaningful discursive components in capitalist systems. The paper concludes with a critical discussion and additional areas for future research.

Explicating media, governance, and capitalism: A critical comparative analysis of historical cases