The accelerated trend toward media cobranding, joint ventures, strategic alliances and mergers, and acquisitions with nonjournalistic companies raises new ethical concerns about the entanglements created in the name of synergy. As traditional media companies buy stakes in Internet companies in equity swaps, the cross-ownership of media creates vast potential for real or perceived conflicts of interest. Ethics scholarship routinely defines conflict of interest as an individual act, ignoring the rise of the media conglomerate. This article introduces the concept of institutional (...) conflict of interest. The problem with the traditional definition of conflict of interest, then, is that it assumes the interests of the institution are always good, and that only the journalist, acting individually can violate the norm. The article outlines how media consolidation creates new conflicts of interest by outlining the term's definitions in various professions and proposing a revised definition that encompasses institutional conflict of interest. (shrink)