You will know the market leaders by the quality of their exits.  Thomson left newspapers and B2B advertising supported journals a decade ago. The people who bought those businesses are now erecting paywalls around them (Emap) or selectively diminishing them (UBM – see Paid Content for more). This may represent wisdom at the broker analyst level – and pleasing shareholders is always very important – but does it add up to a strategy which acknowledges a fundamental truth: for these players, advertising is dead and will never satisfactorily be exhumed post-recession.


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