12 November 2012 7:23 AM, PST | Deadline TV | See recent Deadline TV news »

Lazard Capital Markets’ Barton Crockett seems to think so in a thought experiment this morning. Asked to envision a change that could reshape the long-term prospects for media — part of Lazard’s Imagine That collection of analyst essays — he says that it “could be good for content-owning conglomerates” if consumers began to use the Internet to just subscribe to the channels that they want. To be sure, the analyst doesn’t see things changing soon; he says that the current system of pay TV bundling is “resilient, and not crumbling.” Still, he challenges the conventional wisdom that media giants would find themselves on a toboggan ride to financial ruin if consumers escaped from a system that requires them to pay for channels that they don’t want. Crockett bases his conclusion on two assumptions: Consumers would continue to spend $78B a year on pay TV. And, in a post-bundle world, »

- DAVID LIEBERMAN, Executive Editor

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