Why shouldn't owners interfere?

Why shouldn’t media proprietors such as Rupert Murdoch interfere in the editorial policy of their own newspapers or TV channels? This was the fascinating challenge from former Sunday Times editor Andrew Neil at today’s House of Lords Communications Committee hearings. You can watch clips here where Neil asserts that the person who bought the company, invested their money, pays the wages, and takes the risk over profits and libels, should have a right to influence what is actually produced.