The media sector is rife with creative destruction. I can’t say I was surprised to read this story today:

In ’survival mode,’ newspapers slashing jobs

Even for an industry awash in bad news, the newspaper business went through one of its most severe retrenchments in recent memory last week.

Half a dozen newspapers said they would slash payrolls, one said it would outsource all its printing, and Tribune Co., one of the biggest publishers in the country, said it might sell its iconic headquarters tower in Chicago and the building that houses the Los Angeles Times.

The increasingly rapid and broad decline in the newspaper business in recent months has surprised even the most pessimistic financial analysts, many of whom say it’s too hard to tell how far the slump will go.

“They’re in survival mode now,” said Mike Simonton, a media analyst at Fitch Ratings, a credit-analysis agency.

Read the rest of the story here.

I expect we’ll see a lot more carnage in the media sector in the weeks and months ahead. That said, one can’t help but continue to be bullish on many forms of digital media - particularly media that facilitates and cultivates thriving global information and knowledge networks.

I know Kris has a lot to say on the future of digital media so stay tuned for more posts on this topic.