For-profit entities exist to make profit.
But some businesses exist for another reason: to bring prestige to a conglomerate.
Here’re a few lines that the head of the news division in HBO series The Newsroom says to a sister-brother duo that is attempting a hostile takeover of ACN, a news network that’s trying to do journalism the way it should be done.
“CNN represents a small fraction of Time Warner’s revenue. NBC Nightly News a small fraction of Comcast. And ACN an even smaller fraction of Atlantis. But they are the face and voice of their parent corporations.”
Running a newspaper is different from selling burgers, toothpaste, soaps and detergents.
Selling consumer goods can make you rich. But it gets you no prestige, no influence, no pull in society.
Prestige, influence and pull are intangible assets that don’t show on the balance sheet.
I just wish somebody showed this beautiful clip to the publishers of major Pakistani newspapers and news channels.