The context of the conversation is that it followed a session I delivered about new media tools. I do not believe anyone knew of the layoffs. In fact, we had discussed the Globe's announcement of Sunday editions during the Olympics as an example of a paper understanding there is still demand for print. I believe, partially from experience working in the "old" media right now, that a big part of the problem facing the media is the highest levels of management not understanding how to use the web properly and still looking for the old profit margins. I believe there is a future in journalism, but the average wage will not be as high as today. In the case of the Globe and Mail, my presentation had noted the paper has people who "get it" in influential positions and that I believe theglobeandmail.com will come out on top of the competition for a long time to come. The lay-offs we are seeing are not at the upper levels and I'm not seeing any new business models following these staffing cutbacks. I see the "old" media continuing to make the same mistakes and believe this will only change when the most senior managers retire and are replaced by a younger generation who use the Internet for more day-to-day tasks.