Citizens need accurate news to govern themselves effectively in a democratic society. Journalists argue editorial independence is necessary to ensure that the integrity of news is not compromised. However, the economic characteristics of news create conflicts between the ideal of independence and the need to pay production costs. This study analyzes those conflicts and the economic tools for resolving them. The analysis suggests ways to balance independence and economic necessity without violating mutual ethical obligations shared by journalists, audiences, and advertisers. (...) Independence, along with a good budget, tends to make for quality journalism. —Michael Wolff, The Man Who Owns the News (p. 225). (shrink)