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“They’re not wrong to be afraid. I think they’re wrong to be as afraid as they are because it’s a retrenchment, and it’s a retrenchment following a gigantic expansion.”

In a significant retrenchment, media mogul Byron Allen has retained investment banking firm Moelis & Co. to sell his network-affiliate television stations after spending more than $1 billion to scoop up outlets in smaller markets.

The industry hasn’t fully recovered from shutdowns because of the COVID-19 pandemic, labor strikes and a retrenchment by legacy entertainment companies, many of which overspent to build streaming services to compete with Netflix.

The retrenchment on diversity was happening even before President Trump took office, experts and insiders say.

In 1867, the retrenchment was complete — the Russians sold Alaska to the United States for what Vladimir Putin has lately called an “inexpensive” price: $7.2 million.