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Part I of this essay discusses the “public interest” standard under the Federal Communications Act and describes parallels in corporation doctrine. Part II considers whether broadcasters satisfy their public interest obligations by addressing audience interest. Part III discusses the prerogatives of the management of the corporate broadcaster to consider non-financial factors in selecting programming. Part IV describes the non-traditional philosophy of the corporation's legitimate object, which led to the subject case. Part V discusses the central legal issues of the cognizable business interests of corporations. Finally, the Conclusion offers a view on desirable public interest objectives of media corporations.