Dear college students,

Mulling entering the world of media and entertainment? Perhaps its a good time to rethink that choice.

The scrooge specter seems to be hovering over the entire media industry, and in most cases it is likely that many people may lose their jobs.

According to the New York Post, the most recent rumblings rise from NBC, which is expected top make cuts in its news division, particularly at NBC News and MSNBC.

That unhappy holiday news puts the news business alongside several music industry companies that are reportedly trimming staff, including Sony BMG and Universal Music’s Island Def Jam. Newspaper companies, not surprisingly, are also reducing headcount.

All that comes on the heels of the Hollywood writers strike, that has crippled the TV industry and threatens the jobs of many talk show staffers, and a Broadway strike that — although resolved — may lead several shows to close due to a paucity of post-holiday advanced sales.

Don’t despair students. You know, a Liberal Arts major can be very handy.

(NY Post)
(Chicago Tribune )

Keep an eye on:

• FCC Chairman Kevin Martin defended his plan to ease media ownership restrictions at a congressional hearing on Wednesday, saying it would leave a “high hurdle” to consolidation in smaller markets. (Reuters )
• Newspaper publishers hope to bring readers and ad spending to their Web sites with expanded offerings of news, advertising and video. (AP )

(Photo: Reuters file)