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Industry consolidation may be the only way to save some of our legacy media outlets.
The loss of classified advertising revenue makes the idea of a free-standing, traditionally-structured, independently-profitable newspaper a thing of the past.
Just a few years ago supporters of media ownership restrictions would argue that Australia's narrow media landscape meant that Australians had little choice but to get their news and views from the big corporate media conglomerates.
Of course nobody could seriously make that argument anymore.
The reasoning seems to be something like this: you can lead a horse to water, but you can't make them drink.
The patronising paternalism of this argument should be obvious - as should be the implicit suggestion that the real media diversity problem is that Australians don't want media diversity.
It is incredible to think the Australian government imposes largely the same regulations on media ownership that it did in the 1930s.
The business is built almost entirely on rent-seeking.Why keep ownership regulations that were so manifestly designed for another age?