The new business of democracy: Low-profit limited liability as media reform

As the economic crisis widens and swallows ever more of the world’s economy, of the first to squeal (along with the car-makers) are corporate media. Newspapers, television stations, even huge media networks like CanWest Global have been reeling under the pressure of a shrinking economy. It seems we have a media crisis on our hands.

“Whenever the people are well-informed,” said Thomas Jefferson, “they can be trusted with their own government.”

Enter the low profit limited liability company, or L3C’s as they are known, a company incorporated to make money, but not too much money, and whose incorporating charter includes - wonder of wonders - fiduciary obligations other than maximizing profit.

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