Decent business reporting from Media Post:

LIKE HAPLESS GEORGE COSTANZA IN “Seinfeld,” legacy media companies are desperately trying to convince their shareholders that shrinkage is a transient phenomenon. Investors should not judge them by a few bad quarters, they argue, because it’s all part of the “transition” to digital publishing. The economic waters are so chilly that any company would look bad. But a broad survey of the fortunes of big media companies from 2003-2007 suggests that recession or no, they will end up smaller and confirm George’s worst nightmare: Shrinkage is here to stay.