Abstract
We present a positive model in which consumers derive uncertain utility from media output, in particular news. We suggest that consumer welfare is enhanced by the existence of diversity in news output and that diversity of news output might be related to market structure. We employ two novel databases measuring broadcast news content at the local and national levels in order to quantify news diversity. We find evidence that measures of market structure among broadcast media firms are a statistically significant determinant of diversity, conditional upon a variety of demographic and economic determinants. We also present evidence that a broader indicator of market structure, capturing the level of competition from cable programming, displays a positive, significant, and robust relationship with diversity.
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