From MediaMemo, via Business Insider:

GE’s media unit NBC Universal saw earnings fall 45%, though CEO Jeff Zucker was quick to point out that removing one time charges, the real number is actually -20%.

“That’s right,” says MediaMemo’s Peter Kafka, “For media conglomerates this quarter, down 20% is the new up.”

Wow.  Just a couple months ago, “flat was the new up,” now negative 20% is the new up.  This explains the manic media market meltdown.

You know, it’s a very funny market these days: it’s certainly not a seller’s market, it’s a buyer’s market… yet the buyers (traditional media companies) are frantically seeing their businesses shrink and evaporate, and they’re freaking out!

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