📈 Ad-supported legacy media is structurally dead

“So these publications are just hammering, hemorrhaging cash ... So the economics are just hugely broken, except for subscription businesses, there's a ton of other nuance ... But the math basically does not work.”

“And that model totally breaks the old media model, which unfortunately has evolved into this untrustworthy, biased and opinionated source to keep the business alive. So it's definitely a breaking that's happening.”

“The first is that media is really the least relevant it's ever been. And they really are on a lifeline.”

“I think that there's a glut of publications is all putting out the same official narrative. I think the third thing is there is a go-woke, go-broke dynamic going on.”

“he got paid out in full, like 20, 30 million bucks. And by the way, those jobs are not, they don't exist anymore. Like Tucker and him were like the last of that generation to get those huge paydays.”

“They should just cut NPR and all this public broadcasting stuff loose over the next year or two, wind it down and let them fend for themselves in the new media landscape.”

“They could easily substack it. NPR is not going to go away. Just create subscriptions and you're fine.”

“So I think the real victim in all this is that long tail of content on the internet that probably gets cannibalized by the snippet one box experience within the search function.”

“What's gonna happen to content creation when somebody like Google is just gonna take Wirecutter or these other sources that are not behind a paywall and just give you the goddamn answer?”

“The legacy media companies have effectively become a mode of content companies in order to drive clicks, drive views, sell ads.”

“But does this model still make sense? No. I mean, it's completely obsolete.”

“if those licenses were up for grabs, what would happen is a bunch of private equity people would get behind Rogan, a bunch of private equity people would get behind us, and we would all bid, and the outcome would be better”

“I would just say that the legacy media spell is broken. Their credibility has been destroyed. I think that the repudiation of the legacy media is one of the most important results of this election.”

“And I think this is an opportunity to finally acknowledge that if you trust these traditional legacy sources of helping you to get to a decision, you're going to get tricked.”

“You know, the great irony of this though, Sacks, is that they have already been demolished. I don't know if you saw, but a bunch of the anchors at CNN are not renewing because their advertising is so far off that, like Chris Wallace, I think was making 8 million a year, 9 million a year, and he just said, I'm going to go do podcasts because I think they lowballed his offer.”

“So just on CNN and MSNBC, you're absolutely right that they're announcing a bunch of layoffs, their ratings are destroyed. I think MSNBC ratings are down like 50% since the election.”

“I mean, I feel like there's some market correction that takes place here, which we're already seeing, which is the consumers are moving away. We just talked about moving away from cable news, moving away from legacy media. They don't trust it. The trust is at an all-time low.”

“To me, it's more a reflection of, I could overlay the stock chart of, you know, Fox and Comcast and, you know, CBS and just have all of those have imploded. I think people have been kind of substituting right away.”