Shrinkage Factor: Since 2003, Big Media Contracts

Legacy media companies are desperately trying to convince their shareholders that shrinkage is a transient phenomenon. Investors should not judge them by a few bad quarters, they argue, because it's all part of the "transition" to digital publishing. The economic waters are so chilly that any company would look bad. But a broad survey of the fortunes of big media companies from 2003-2007 suggests that recession or no, they will end up smaller and confirm that shrinkage is here to stay.
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