[Commentary] Despite the grim warnings, lower earnings and massive layoffs, it appears the worst is yet to come for big, lumbering media companies. It all rides on what we don't know. We don't know how deep or how long the advertiser and consumer spending pullback will be. There is no historical precedent, given the powerful unraveling of the global economy. We don't know how much revenues and earnings will drop over the next year. We don't know how challenged business models will hold up under economic stress and a digital sea change. What we do know is that the absence of reliable ROI media metrics will contribute to advertisers' meager spending. What we do know is that consumers will continue to become more fragmented in their attention and loyalties. What we do know is there will be no federally funded bail for media, Internet, entertainment and advertising.
