Abstract
We estimate a mixed logit model of the demand for local news service. Results provide evidence that suggest the representative consumer values more diverse news, more coverage of multicultural issues, and more information on community news, and has a distaste for advertising. Demand estimates are used to calculate the impact on consumer welfare from a marginal decrease in the number of independent television stations that lowers the amount of diversity, multiculturalism, community news, and advertising. Consumer welfare decreases, but the losses are smaller in large markets. For example, small‐market consumers lose $45 million annually while large‐market consumers lose $13 million. (JEL C9, C25, L13, L82, L96)
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