This discussion paper argues for the need of a new theory, moving away from the
binary applications of public interest or Pigouvian theory and public choice theory.
The growth of media is outlined, and the complexity of the Indian mediascape is
presented as part of the discussion. The cross-media ownership patterns, political
ownership or affiliation and access to capital are making it imperative to consider
critical questions on regulation and media ethics. The need for a new theory and
practice may be the need of the hour. However, this deliberation hints how it may
not be formulated effectively with the arrangement within the geopolitical context
being abrasive. It calls for initiating dialogues in public spaces, particularly among
the scholars and practitioners. It also questions if bridging the gaps between
public administrators’ potential and action could make a difference, as it is a
challenge in itself.