The transcripts of the official inquiry into the culture, practices and ethics of the press. More…

That wasn't a comment necessarily on regulation, it was a comment on the ultimate durability of structures, trusts, independent bodies, subsidy, et cetera, and its ability to be self-sustaining, and I think the qualifier is there, the durable and only qualifiers are important, and they were chosen carefully. There are other ways to achieve independence, but I have less confidence in their durability relative to the self-sustaining nature of being able to generate profit in partnership with your customers.

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