Journalistic independence means the existence of autonomy between journalists and any other outside influence. This will ensure that issues reported by journalists are unbiased and helpful to the society. It gives the profession separation from manipulation from political forces.
The wall street journal has been a great source of sponsorship for people vying for political offices. It therefore has an upper hand when dealing with politicians. Any action taken by Wall Street has to be in their best interest.
According to the article, Mr. Murdoch has taken to changing the management of the news corporation because of lack of development. He hence showed practiced journalistic independence. The decision was not influenced by outside forces. He removed the manager to replace the seat with a more innovative person who would steer the company to greater heights of journalism.
The News of the World hacking scandal exposed the vulnerability of the political elite because of media. This is a positive step for the media fraternity as it gives people confidence that all the views aired are legitimate and unbiased.
Commodification is the rebranding of an idea that is geared towards building a better product than before. For instance, the emergence of reality shows has been a good example of commodification. It has given media a fresh wave of broadcasting.
Diversification is the mixture of production lines the media fraternity to include more viewing options for customers. The media has diversified a lot over the recent years. These days there is the incorporation of live reporting, live shows, geographical shows and many more.
Cultural discount is a waiver given to productions from other cultures. For instance, Hollywood has started mass production of films from Asia and other places such as India. These productions receive a subsidy so as to market them into the mainstream world of movies. By doing this, Hollywood will increase its popularity as well as build viewership.