Section 1-unit 1- Key Words

UNIT 1-Section 1

Media conglomerate: when a huge corporation owns smaller subsidiary companies within it. The Walt Disney Company is America’s largest media conglomerate in terms of revenue, with Time Warner, Comcast, 21^st Century Fox, CBS Corporation and Viacom. Comprising the “Big Six”.

Independent Company: A small company that started and stands on its own. For example, Warp Films and Vertigo Film.  Vertigo Films is a UK film and distribution company founded in 2002.

Cross Media Ownership: The ownership of multiple media businesses by a person or corporation.

Public Service Broadcaster: Broadcasting media for the benefit of the people.

Joint Venture: A business arrangement which two or more parties agree to pool their resources together for the purpose of accomplishing a task.

Synergy: When two or more entitles work together for a final outcome that works out for all parties.

Commercial- A commercial product can be bought by or is intended to be bought by the general public. It is used to refer to radio or television paid for by advertisements that are broadcast between and during programmes.

Vertical Integration - The combination in one firm of two or more stages of production normally operated by separate firms. Vertical integration is a strategy where a company expands its business operations into different steps on the same production path. Vertical integration can help companies reduce costs and improve efficiency.

Horizontal Integration- Horizontal integration is the process of a company increasing production of goods or services at the same part of the supply chain. A company may do this via internal expansion, acquisition or merger.

Production Process- The production process refers to the stages (phases) required to complete a media product. In every production there is a similar process. The stages making up this process are: development or negotiating a brief, pre-production, production, post-production, distribution and exhibition.