The plight of the listed media sector in Australia grew grimmer last week after a profit downgrade by Seven West Media, the owner of the Seven television network and a monopoly newspaper in Perth.
Radio New Zealand's Sydney correspondent says the truth is traditional TV is a deep hole.
Seven West Media on Tuesday flagged a downgrade in full-year earnings due to a slump in advertising revenue.
The market was merciless in response, driving Seven's shares down nearly 23% in a single session.
The entire television industry is under pressure not only from an advertising downturn, but a structural change in consumer viewing habits as people watch video online or spend their evenings on their iPads.