The supply of entertainment news continues to mushroom even as traditional media franchises built on celebrity antics and gossip erode. The Internet’s irresistible economics and 24/7 cycle stole old media’s fire in this frantic niche some time ago. Now, shortsighted strategies and the recession are turning a measured decline into a rout. Old media still delivers a big, engaged audience, but the magazines’ cost structures are becoming ever more unmanageable. And even today’s dominant websites should be looking over their shoulders.