The growing consensus is that the traditional media are losing value to newer media. We disagree with this view on two counts: (1) The distinction between the two groups is increasingly vague; (2) the more important difference is between advertising-based & transactional media. With this backdrop, we think there is great value in the large & engaged audience that the traditional media have amassed & we believe this value will start to be recognized as all media sectors evolve.
This presentation illustrates some of the historical & anticipated trends described. It is not a comprehensive review of industry activities or a survey of competitors. Nor is it an analysis or set of recommendations for purposes of assessing any investment, public or private.