In the past, sociological analysis of the media has either focused on
the way the media have manipulated or informed public opinion or on th
e political economy of the media institutions themselves. This article
attempts to synthesize these two approaches through an examination of
the emergence of satellite television in Britain. In particular, the
article argues that the political economy of the media, the media's ow
n principles of economic organization and their relationships with the
ir viewers or readers are themselves meaningful, drawing on and dialec
tically reaffirming the wider interpretive framework of the society. I
n the case of Sky TV, this article maintains that the political and ec
onomic organization of this institution were constructed as based on f
ree market principles, derived from the wider Thatcherite hegemony.