Last updated: December 8, 2008 - 11:01pm
[Commentary] The recession is prompting massive layoffs in all media sectors, even at the biggest players. The sheer magnitude denotes a scramble for survival that masks the urgent need for major restructuring. However, the intense focus on cutting rather than building is unlikely to leave media players as they prepare for digital growth. Job losses in an unreformed legacy structure only address part of the reinvention equation. It also requires the closing of some traditional operations and the launching of new operations to accommodate new skill sets and growth paradigms. It is unclear how much of the latter is occurring in a market driven by fear. Even more overwhelming than the most recent unemployment numbers, bordering on 7% nationally, is the dearth of efforts to innovate for better times. There is a troubling lack of evidence across the domestic business landscape that funds from the federal bailout or cash reserves being hoarded by corporations are being put to work for the future.
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