Teamwork may be what saves us all.

The major labels are teaming up with Google (Nasdaq: GOOG) to launch Vevo, a music-video site built on ad-supported high-def streams. This is also the same week that found five magazine publishers forming a consortium by establishing a digital platform that can be easily monetized.

This is how things will get done. Old media needs to set aside its arrogance. New media needs to realize that content is still king.

We still have a long way to go for magazines, newspapers, and record labels to return to their glory days. We may never get back there again. However, the first step to turning around is to stop pointing fingers and begin coming together to form some kind of consensus on humbling solutions.

Divided, they'll fall.

Briefly in the news
And now let's take a quick look at some of the other stories that shaped our week.

  • Your eyes didn't deceive you on Thursday. That really was A-O-L scrolling through the ticker feed. Time Warner (NYSE: TWX) finally completed its spinoff of AOL (NYSE: AOL).
  • eBay (Nasdaq: EBAY) and Craigslist are finally having their day in court. Craigslist is accusing eBay of stealing insider secrets in forming its own free classifieds site. eBay is suing Craigslist for trying to dilute its minority stake. Get a room, you two! You can probably find one on Craigslist, though the eBay one may be safer.
  • Goldman Sachs (NYSE: GS) downgraded TD AMERITRADE (Nasdaq: AMTD) and lowered its price targets for most discount brokers. Can sour grapes be ironic?

Until next week, I remain,

Rick Munarriz

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Longtime Fool contributor Rick Munarriz recommends windshield wiper fluid when trying to look back. He owns no shares in any of the stocks in this story and is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy.