David Carr wrote in the New York Times the other day about "The Fall and Rise of Media":

Historically, young women and men who sought to thrive in publishing made their way to Manhattan. Once there, they were told, they would work in marginal jobs for indifferent bosses doing mundane tasks and then one day, if they did all of that without whimper or complaint, they would magically be granted access to a gilded community, the large heaving engine of books, magazines and newspapers.
...
For those of us who work in Manhattan media...a life of occasional excess and prerogative has been replaced by a drum beat of goodbye speeches with sheet cakes and cheap sparkling wine. It’s a wan reminder that all reigns are temporary, that the court of self-appointed media royalty was serving at the pleasure of an advertising economy that itself was built on inefficiency and excess. Google fixed that.
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Those of us who covered media were told for years that the sky was falling, and nothing happened. And then it did. Great big chunks of the sky gave way and magazines tumbled — Gourmet!? — that seemed as if they were as solid as the skyline itself. But to those of us who were here back in September of 2001, we learned that even the edifice of Manhattan itself is subject to perforation and endless loss.

So what do we get instead? The future, which is not a bad deal if you ignore all the collateral gore. Young men and women are still coming here to remake the world, they just won’t be stopping by the human resources department of Condé Nast to begin their ascent.

And VC in NYC adds this:

I realize that the change is gut wrenching and many have lost jobs and careers in the process. I don't celebrate that. In fact, I find it upsetting. But I have also watched many reinvent themselves and come out in a better place too. Change is inevitable and we are better off embracing it than fighting it.