Eventually we may be right — the sky will fall and the business will collapse — but for the time being, the sky over traditional media is blue and it’s raining green.
In the last year, the Standard & Poor’s 500-stock index was up 13.4 percent, which was a significant advance, but legacy media giants like Comcast, News Corporation and Time Warner absolutely surpassed it in terms of share price.
Viacom, which has had serious ratings trouble with MTV and Nickelodeon, still managed to be up 16.1 percent on the year. We keep hearing how traditional networks are getting clobbered, but Viacom’s sibling, CBS, was up a whopping 40.2 percent.
I don’t know how long I need to go on saying it, but there’s plenty of money in media companies. They just don’t want to spend any of it on the goddamn news they like to claim they love so much, and it’s all the fault of you kids with your Kindles and such. Stop ruining everything, Internet!