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In this paper, we propose a new index of ideological slant in news coverage, and compute it for a large sample of u.s We apply the measure to study the market forces that determine political content in the news. We then apply the measure to study the way market forces determine slant in equilibrium.

We construct a new index of media slant that measures the similarity of a news outlet's language to that of a congressional republican or democrat. We [gentzkow and shapiro] construct a new index of media slant that measures whether a news outlet’s language is more similar to a congressional republican or democrat Daily newspapers mathew gentzkow jese

By contrast, the identity of a newspaper's owner explains far less of the variation in slant

We also present evidence on the role of pressure from incumbent politicians, tastes of reporters, and newspaper competition in determining slant.

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