Very few called it right first time with the new economy. The media industry led the rush to stock up on staff and exploit the potential of an information revolution but many have had to change tack, including media industry behemoth CNN.
CNN last month axed about 400 people from its US Internet and television programme operations, just under 10 per cent of its workforce.
'It was a business plan adjustment mid-year,' said Chris Cramer, president of CNN International Networks. 'We are in very good company. You can't flick through the papers these days without realising that a number of companies have over-invested in the Web.
'We drew a rapid conclusion that we had to integrate and re-invent the past before we took a collective breath and went on again.'
Integration is a key part of CNN's re-organisation to meet the challenges of an evolving new economy. Its first fully integrated newsrooms opened late last year in Hong Kong and London. CNN journalists will be trained to report for a variety of platforms, from the Web to television, radio and wireless devices.
Such multi-skilling, it is hoped, will streamline operations, prevent duplication and bring the news to the public as quickly and accurately as possible.