• Ad Age, Monday, December 8, 2008 9:15 AM

Media conglomerates are shedding jobs at a furious rate, but the deep cuts they're making are as much about ditching their old media models as they are about the tough economy. The media industry is blaming the economy for the loss more than 30,000 jobs in 2008, which is about 3.5% of the total media work force of 858,000, per the Department of Labor.

But privately, executives say the recession is giving big media cover as it undertakes Detroit-like restructuring, shedding the remaining vestiges of broadcast-level staffing in favor of a lower-cost model. One permanent change: smaller newspaper and magazine companies.

"Collectively, media will continue to be strong," says Group M executive Rino Scanzoni. "Today's consumers have grown up with multiple media. Viewing has increased; it's just fragmented over more pieces. [For advertsers], it's about weaving those pieces together."

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