Abstract
Media management is different from general management due to the distinctive character of media products. However, what is distinct is rather the production and not so much the distribution aspects of media content. In recent years, there has been a tendency of media companies to retreat from production and thus concentrate on the aspects of the business that are more akin to other industries. The most extreme example is social media where little or no editorial content is produced in-house. This chapter will use the heuristic of business models to illustrate the differences between legacy media and social media. It will be shown that the management of social media is less different from general management than the management of legacy media. This is good news for (media) managers, but may compromise the special role media have for society.