“You may think that media is a better place to invest than the declining US steel industry or a Detroit carmaker.
After all, magazines in the US don’t have to compete with offerings from China and Germany and Japan. They are always on top of the latest fashion and trends—it’s their business to do that. And they all adapted quickly to the Internet, selling digital ads and taking full advantage of video, audio and other forms of online interactivity.
But none of it worked. The magazine business turned into a death trap for investors.”