This report explores how the leading authoritarian regimes have exploited democratic norms and transformed the market for information into a dangerous tool to exert antidemocratic sharp power. Under enormous economic and political pressures, independent media are struggling to respond. News outlets face wrenching changes in their business models, driven by technological revolution. And features of the media system once seen only as strengths—such as competition, openness, and fair-mindedness—have also turned out to be weaknesses.