The great recalibration of media

When asked about signs of a recovery, one media executive sighed and recounted the formulation he heard from a strategist: “The stock market will be a V, companies a U and people an L. ” That’s becoming true at many media companies, as they see the crisis — against their will in many cases — drastically reshaping their businesses and the industry as a whole.   Many companies are still in survival mode. The idea of looking ahead to the other side is something of a luxury. The weeks are piling up with little end in sight — or much to look ahead to as the hopes for such a V-shaped recovery give way to the prospect of a “zombie economy,” which is not on the life support of government loans but not quite alive either. The chattering about a V-shaped recovery, marked by a sharp bounce back to the Old Normal, is now from those still firmly in denial.

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