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“There Will Be a Reckoning If the Economy Locks Up”: Recession Jitters Are Making Media Execs Extra Cautious

“There Will Be a Reckoning If the Economy Locks Up”: Recession Jitters Are Making Media Execs Extra Cautious

On January 4, when Justin Smith announced he was leaving Bloomberg to create a journalism start-up with former BuzzFeed editor in chief Ben Smith, the go-go financial vibes of 2021 were still coursing through his veins. After 2020’s painful COVID reckoning, the economy had just grown at its fastest rate in decades. Consumer spending was back on track. Advertising had enjoyed a banner year. The global entertainment and media industry had surged 10.4% to a cool $2.34 trillion. Six months later, how times have changed. There’s the war in Ukraine. Supply-chain disruptions. Rising inflation. Soaring energy costs. Consumers’ eyes bulging… Read Full Article