The zero-interest rate is in the rearview mirror. And now comes the repricing, not just of assets but also talent. ESPN's been cutting high-priced on-air talent as it prepares for an end to the golden era of cable bundle subsidies. We've seen this happen already to the magazine industry, where the all-powerful magazine editor has faded and these roles become just another job. The clear path for most talent is to take an independent path and develop their own media company as opposed to being at the mercy of corporate whims.

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