The type of nonprofit media organization I am proposing combines the virtues of different legal types. It enjoys the advantages of a foundation (stability of financing and ability to focus on information as a public good rather than on profit maximization at the expense of quality) and those of a joint-stock company (diversified ownership, replenishment of leadership ranks, and democratic decision-making, provided that the power of the largest shareholders is appropriately limited). The NMO [non-profit media organization] I am proposing is a hybrid model. It is inspired in part by the model of the great international universities, which combine commercial and noncommercial activities.
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