Description: This article discusses the media and communication industry. The media and communication industries are experiencing unprecedented change and evolution in the 21st century. This article examines this process with a case study method by analyzing the traditional and new media sectors using the following criteria: the markets in which they are engaged, the leaders in each of the respective industries, the economic potential of these industries, and their continuing evolution and transforming processes. The article argues that the media and communications industries can no longer be identified in terms of core sectors such as broadcasting or newspapers, but rather to a different structure of activities involving such areas as content, distribution, and search features. Further, the paper posits that new theoretical and methodological tools are needed by scholars to better understand the massive changes and transformation occurring across the media sector. A series of propositions concludes the paper, offering a framework on which to build future research and analysis.