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A tourist looks through a copy of The Times newspaper. Photo: Robert Alexander/Getty Images

For decades the primary source of revenue for media companies was advertising, but competition from technology companies and more privacy scrutiny are pushing most media companies to explore alternative forms of revenue.

Why it matters: Most media companies have to unwind years worth of sales and product infrastructure to make way for the transition. Not all will survive it.

Between the lines: Most companies are looking for creative ways monetize their owned and operated channels and content, but the transition away from advertising and Facebook traffic has been difficult.

TV networks are also trying to build their own streaming services as more ad dollars float to big tech, but the competition against streaming giants is tough.

The big picture: There's a legal case for getting out, too. Advertising used to be an easy business to maintain from a compliance perspective, but new privacy laws and and an increased focus on transparency are forcing publishers to pay closer attention to their supply chains.

Be smart: Most companies are in the experimental phase, and haven't yet figured out what their long-term strategy for growth will be, if there is one.

Go deeper

Updated 26 mins ago - Politics & Policy

Bipartisan group reaches agreement on $1.2 trillion "hard" infrastructure bill

Sens. Mitt Romney (R-Utah) and Mark Warner (D-Va.) Photo: Bill Clark/CQ-Roll Call, Inc via Getty Images.

After weeks of long nights and endless Zoom calls, a bipartisan group of senators finally reached a deal on "the major issues" in their $1.2 trillion "hard" infrastructure package, GOP senators involved in the talks announced Wednesday.

Why it matters: It could be days before the group finishes writing the bill, but the Senate can begin debating the legislation in earnest now that they have resolved the outstanding issues. The bill needs 60 votes to advance in the Senate.

After walkout, Activision Blizzard employees vow to keep fighting

Bing Guan/Bloomberg via Getty Images

Organizers of a Wednesday walkout at Activision Blizzard, the gaming company behind "Call of Duty" and "World of Warcraft," are saying the demonstration "is not a one-time event that our leaders can ignore.”

Why it matters: Within the video game industry, sweeping promises for change are often followed by a handful of half-measures that fail to solve the systematic problems that caused them.

Scoop: Trump team blames conservative for loser endorsement

Donald Trump at rally in Texas. Photo: Dylan Hollingsworth/Bloomberg via Getty Images

Donald Trump's advisers are angry at David McIntosh, president of the conservative Club for Growth, for persuading the former president to endorse a losing candidate in the special election for Texas' 6th District.

Why it matters: Susan Wright's defeat Tuesday in a Republican runoff with Navy veteran Jake Ellzey dealt a blow to Trump's aura of invincibility as a Republican kingmaker. It's critical to his 2022 midterm endorsements and continued hold on the GOP.