Drawing from archival research, I historicize current media policies and reform efforts by analyzing the 1940s critical juncture when policymakers, social movements, and communication industries grappled over commercial media's role in a democratic society. By focusing on policy formations around the Hutchins Commission and the FCC's ''BlueBook,'' I propose that a suppressed media reform movement resulted in a ''postwar settlement'' marked by three assumptions: media should remain self-regulated, practice social responsibility, and be protected by a negative freedom of the press. This social contract consolidated an industry-friendly arrangement that contained reform movements, foreclosed on alternative models, discouraged structural critiques of the U.S. media system, and privileged media owners' rights over those of the public's-a relationship that continues today.