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"Media is mutating but it isn't dying," says Laurel Touby in Part 2 of The Deal's video conversation with the founder of Mediabistro.com.

Rather than relying on advertisers to foot the bill, media companies should develop closer relationships with their audiences and provide products and services people are willing to pay for, says Touby.

She also discusses life after acquistion. She sold Mediabistro.com to WebMediaBrands (previously known as Jupitermedia) for $20 million with a $3 million earn-out in 2007. Watch the video below or download it from iTunes.

Click here to watch Part 1, in which Touby discloses the real reason she launched Mediabistro.com in 1994. -- Mary Kathleen Flynn