This paper addresses the relationship between the First Amendment, monopoly of transmission media, and vertical integration of transmission and content provision. A survey of some of the incentives a profit-maximizing transmission monopolist may have with respect to content is followed by a discussion of how vertical integration affects those incentives. A review is presented of some ways in which these incentives may be changed by goals other than profit-maximization, and of economic regulation of the transmission medium. The paper concludes with a summary and suggestions as to how these considerations might contribute to first Amendment Policy debate. (31 references) (GL)