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The problem with this edition of the book is that the only current portions are the foreword and afterword, in which Bagdikian outlines where things stand today (that is, worse than ever). Otherwise, the main body of the book appears to be mostly the third edition from 1990. This leads to outdated information and conclusions that are a serious problem for such a quickly developing subject. Although Bagdikian is now more than eighty years old, this work would benefit significantly from a thorough re-write of the main text, rather than the piecemeal additions to the foreword and afterword that supposedly indicate a "new" edition. (Note that plenty of other more modern books have stolen Bagdikian's thunder and cover the issue equally well.) Also, Bagdikian is frequently guilty of attention-grabbing polemics and sarcasm while making his points. This is unnecessary as the facts can speak for themselves.
Regardless, this book is monumentally important not only for its investigation into inequitable corporate control of the media, but also Bagdikian's great insights into the ensuing political and cultural effects on society. This includes everything from the greater costs of goods caused by excessive advertising (a direct contradiction of classic capitalist theory), to the dumbing down of public knowledge of important social issues. In fact, the modern America media is not liberal, despite what close-minded politicians tell you. It's libertarian in its rush for total profit-driven focus and financial control of those same politicians. The general increase in social apathy and malaise among citizens indicates what is wrong with the mainstream media, and the culprit is the relentless and cruel rush for short-term profitability. Public knowledge is the key to a healthy democracy, and corporations have destroyed that for much of America. Worship your new corporate masters. [~doomsdayer520~]