Rapper Ice-T's song Cop Killer generated significant controversy when it was released. Among other things, its lyrics anticipate slitting a policeman’s throat. Such lyrics have become reasonably common today, but they were much less common 20 years ago.

When Cop Killer was recorded, Time Warner, Inc. was struggling with a $15 billion debt and a depressed stock price. Had Time Warner renounced rap albums with harsh themes, its reputation in the music business—and future profits—might have suffered. This damage might even have spilled over into the multimedia market, which was crucial to Time Warner’s future.

Did Time Warner do anything wrong when it decided to release Cop Killer?