This paper makes the case for conceptualizing news as a contested commodity. It offers an unprecedented application of commodification theory to the problem of the sustainability of a free press in a democracy. When the news media are expected to be purveyors of the public interest while pursuing profits for their corporate owners, the result often is a clash of capitalist and journalistic imperatives. The amoral values of the market system conflict with the moral agency of a free press, and (...) the two are inherently incompatible. This study presents a synthesis of otherwise divergent theoretical perspectives to examine the free press-free market paradox from a new vista. The author concludes regulatory reforms are needed to insulate the press from the predatory expansion of a free market system that permeates every aspect of social life, including the production of news. “American mainstream media have become the watchdog and guardian of the corporate bottom line instead of the vanguard of democracy and the public interest…. Driven by profit maximization … Instead of protecting against abuses of government power by keeping the public adequately informed, they have become complicit in destabilizing and undermining American democracy.” —Elliot D. Cohen (2005a, p. 17). (shrink)