Why media companies are hosed

from Terry Heaton’s PoMo Blog
. . . the problem here is that advertisers don’t need media companies anymore. Take a look at Wal-Mart’s home
. . .
The point is that Wal-Mart is a media site in that it sells its reach to advertisers, a reach that vastly exceeds two of the top newspaper sites in the world. This is why I keep harping on everybody that the future for local media companies lies beyond their own walled garden websites, and those who refuse to hear that (like, everybody) are sprinting to the tar pits."