Media giant Bertelsmann is locked in a power struggle among owners and management. “The new generation took Bertelsmann into television and the internet and promised that before long the privately owned and secretive organisation would be transformed into a transparent, publicly traded multinational with stock market listings in the US and Europe by 2005. Yet the modernisation process has been an uneasy one, compounded by the deepest advertising recession in 30 years and a number of questionable acquisitions.”