THE narrative is irresistible: As young audiences migrate from television to digital media and ad dollars follow them, old-school entertainment giants are in for a world of hurt.It will be a slow, sad decline. It does not have to be that way. Big media companies like Comcast’s NBC Universal, Time Warner, Walt Disney and 21st Century Fox can fight for a healthy cut of the action as money shifts to digital platforms.They will have to embrace that shift, not resist it, and be willing to create edgy business models, not just edgy programming. Vice Media, Vox and BuzzFeed are only worthwhile if they bring in new audiences and new tools to reach them.The youth drain in traditional television is real: People ages 18-24 are spending nearly 30% less time per week watching television than they were in 2012, according to Nielsen.The drop is 18% among people 24-35. Some are cutting the cable-television cord. Others are simply spending more time on social media or watching online video.Digital a...

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