15 Sep '11, 9pm

How the Internet destroyed the market

For most of the '80s and '90s, NBC dominated United States television: Miami Vice, The Cosby Show, Cheers, Seinfeld, Friends. The network earned its ratings by pushing boundaries - Miami Vice stylised the police drama, while Hill Street Blues gave it gritty realism. These shows also brought in big money - NBC was once one of the most profitable divisions of General Electric. But when the parent company was acquired by Comcast this year, the deal reportedly gave the network a value of zero. NBC is not the only major media business that has fallen on hard times. EMI, home of the Beatles and Pink Floyd, has trimmed its roster and cut thousands of jobs. The Washington Post, which set a high-water mark for US journalism with its Watergate reporting, has reduced its newsroom staff, closed its national bureaux and declared: "We are not a national news organisation of record." MGM...

Full article: http://www.todayonline.com/Commentary/EDC110916-0000268/H...

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