Things Suck In The U.K. Too
A crappy economy combined with ultra-leveraged fat cats in over their heads is a big reason the U.S. media business is so sickly.
Of course, changing tastes and consumer habits are also big contributors to the mess we're in.
But maybe because we don't hear as much about it on this side of the pond, it was easy to assume that media elsewhere was not as vulnerable, especially given that in many countries print media circulation is actually increasing.
Assume no more. It's a small, interconnected world, after all, judging by the Guardian's media page.
The Daily Mail's parent company is axing 300 jobs.
Haymarket is slashing 50 jobs at its U.K. properties.
The London edition of Time Out will shed 13 positions.
And so on.
If you've been on the receiving end of a media downsizing in the U.S., it may be little comfort that you have plenty of company.
But when you see how quickly and perniciously the contagion has spread, it's at least more understandable.