Making sense of media M&A-s

Today's FT pays tribute to The Curse of the Mogul by summarizing global M&A activity in Media since 2009, a particularly disastrous year for the industry. The general point of the article is that - maybe - media firms have learnt a lesson as they seem to be more worried about the efficiency of their core businesses rather than pursuing diversification to build media empires. Is it just the crisis that forced down mogul instincts or will the learning last?