In the wake of continuing "realism" in the media markets, Reuters breaks the news that Bertelsmann is selling its BertelsmannSpringer division for science and trade publishing to a private equity firm for more than EUR 1 Billion, helping to trim its substantial debt mountain. Many of the media giants are still scrambling to come up with rational cash flows, but it's interesting how so many of their core content "cash cows" are being put out to pasture. In general, it appears that content holding companies are trying to focus more on core markets, leaving a number of opportunities for content sets in key market sectors to be consolidated under more singular ownership. It's not just about the number of channels that you have, but your ability to manage them effectively. Technology can be leveraged so far, and then detailed knowledge of specific market sectors becomes all-important for penetrating institutional accounts.