The Allen & Co Sun Valley Conference has been drawing the biggest media moguls every July since 1983.  It’s a time for media’s elite to gather and confer. Amid the current economic climate it seems some of the talk amongst the moguls was a bit gloomy.

Google’s Chief Executive Eric Schmidt was all about the bottom line when he defined the “new normal.”  “The reality of the new normal is you run inventories very tight, credit is not broadly available, you can’t waste money.”

The ‘new normal’ sounds much like how a business should be run –if you’re planning on being successful.

NBC Universal head, Jeff Zucker seemed frustrated by the difficulty in getting capital for new mergers and acquisitions.  In a CNBC interview Zucker said, “”Buyers are looking for bargains, sellers are looking to get what they think they were worth a year ago. I think that makes it difficult to get anything done in this climate. I think you’ll probably see nothing in the media space for the rest of this year,”

Mr. Zucker’s comments don’t seem all that unusual, current economy or not.  Buyers have and always will be looking for bargains.  Sellers have always been looking to make the best deal possible for their bottom line.  I don’t think anything has really changed, except in these times one needs to be smarter.  The idea needs to be brilliant right out  of the gate, and the deal needs to be structured so that not a penny is wasted.  Small production companies have been doing this for decades.  In my experience as an Executive Producer I’ve learned how to squeeze a dime so tight it stands up and does the Can Can.  New media and traditional media need to take a page from smaller companies where money isn’t so fluid, where the ‘new normal’ is business as usual.