The Death of Lagacy TV News

 

OUT WITH The OLD

IN WITH The NEW

The news cycle moves at a frantic pace and legacy news outlets are having to face the grim reality that they are dying a slow death.

In the U.S., ABC, NBC, the New York Times, CNN, etc. the list is long, are all facing new ownership or closing as their platforms, which have defined media for five decades, are breaking down and have become socially irrelevant.

MSNBC is being spun off by parent Comcast joining sister channel CNBC at 'Spin Co.' Warner Bros. is restructuring and CNN is being staged for divestment. According to CNN CEO Mark Thompson, "these are profound and irreversible shifts as the way consumers obtain their news and that's not us."

Not only are broadcast and print outlets in trouble but cable TV as well. Cable cord-cutting has been going on for years, with younger consumers largely opting not to pay for TV but instead spending their viewing dollars on streaming platforms. For example, earnings at CNN were $600 million in 2021 but only $400 million in 2023.This led to the firing of 200 staff at CNN in January.

The legacy networks and print media had it good for a very long time but now the party is over and it's not coming back. The majority of people get their news and daily information online - podcasts and short-clips on social media. This has forced legacy outlets to ink deals with podcasters and other digital-native hosts - but this is too little, too late. They are too far behind the curve. They have become dinosaurs in the world of mass media, and it's not just the U.S. legacy media but those across the globe.

By: Jim Lavorato