The media business is shrouded in an aura of mystery that was once reserved for A-list celebrities. These days we know every personal detail about TV, music, and movie stars, but very little about the inner workings of the companies that pay them.

Jonathan Knee, Bruce Greenwald, and Ava Seave say it’s no accident that the CEOs of media conglomerates try to conceal their bottom-line performance with empty catch phrases like “content is king” and “media convergence.” The authors show that if you strip away the glamour and buzzwords, these companies have been unable to deliver the returns of an index fund.

Through fresh analysis and revealing case studies, the authors expose the strategic failures underlying this consistently poor performance. They explore some fascinating questions: Have the fastest growing media companies been better or worse investments? Is the Internet the friend or enemy of these businesses? Is there any way to manage them more effectively?

Anyone who wonders what really makes companies like Disney, News Corporation, Viacom, NBC, Universal, and Time Warner tick will appreciate the clearheaded insights in The Myth of the Mogul.

Jonathan A. Knee is an adjunct professor and director of the Media Program at Columbia Business School. A longtime investment banker, he is the author of The Accidental Investment Banker.

Bruce C. Grenwald, an economist, is the Robert Heilbrunn Professor of Finance and Asset Management at Columbia Business School. His books include Competition Demystified.

Ava Seave is principal and cofounder of the Quantum Media consulting firm and has held management roles at Scholastic Inc. and The Village Voice.