By Mark Jamison
American Enterprise Institute
Traditional media companies (print and electronic) aren’t known for being adherents of Adam Smith, but he saw them coming. Smith foresaw the Save Journalism Project and HR 2054, the Journalism Competition and Preservation Act of 2019.
HR 2054 would give media companies an antitrust exemption to collectively withhold content and negotiate prices with online distributors with at least 1 billion monthly users, i.e., Facebook, Google, Yahoo, Bing, and Tencent, but not Twitter.
This is exactly what Smith warned against.