The writers' strike is bad for the media companies--network ratings are already dropping, which means ad revenues will follow. And the longer a strike lasts the worse it gets. But it's not ALL bad as some companies will actually cash in on an on-air content vacuum. And I'm not just talking about the people producing on-air content and the companies broadcasting it. Those are private, start-ups. I'm talking about public companies that will really get a boost.
Without new TV programming people will watch a lot more DVDs. Sure, they're rent more movies, but all those reruns on TV will probably inspire people to rent TV shows--the first season of Desperate Housewives, Seinfeld, etc., so that's good news for Netflix and Blockbuster.