"Traditional media failed to realize the competitive challenge created by the Internet as it allows all media to compete directly and without any competitive advantage," said Lauren Rich Fine, a former media analyst at Merrill Lynch and now a Practitioner in Residence at Kent State University's College of Communication and Information. "Now there is excess supply of both news/entertainment content and ad space, which combined with slower demand, due to the economy, is spelling disaster."She may not be working on Wall Street as a top media analyst anymore, but the business acumen is still well-honed.
Disaster is spelled I-N-T-E-R-N-E-T
Lauren Rich Fine on what has happened: