Information Is Free but Only Because Advertisers Pay

For much of the 19th century, newspapers were financed by political parties. It was a transparent, transactional relationship: The newspaper would officially partner with a political party, and in return they received direct infusions of cash, customers and even news. The cash would come from the party’s budget, the customers from the party’s base and the news from the party’s politicians. In return, the party had total control over what the newspaper did and didn’t publish.

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