| Sumario: | This article suggests that the distinction between family and managerial capitalism is not as clear as often assumed and presents empirical evidence for hybrid forms of governance. It is based on a case study of Europe's largest media company, Bertelsmann AG, which grew from a mid-sized firm into a large multinational after 1950. Family-led until 1981, Bertelsmann is still family-controlled today. The article analyses the structure of the family, the remodelling of ownership and controlling rights, the methods of financing, and the role of non-family managers. On all levels, creative solutions were found that overcame traditional forms of patriarchal family capitalism and introduced strong elements of managerial capitalism into a family business. Managers enjoyed considerable space for autonomous action providing they did not challenge the ground rules set by the family.
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