Abstract
A key parameter of determining the changing nature of journalism is to address the question of who owns the media and why. Recent revelations of sham transactions, fraudulent trade practices and black money being used to fund the news media in India, suggest a lack of transparency in how news business are run and financed. Five cases involving leading news organizations in India are analysed to illustrate the argument. In conjunction with this, the corporate take-over of news space by non-media entities signals the rise of a press that can no longer serve as a watchdog of democracy. The paper outlines a decline in quality journalism as a consequence of a disconcerting nexus between influential politicians, powerful corporates and profit-maximizing news organizations. Corrupt funding procedures and concealed ownership patterns have orchestrated a crisis of credibility for journalism while posing fresh challenges for media governance and the nature of democracy.
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