The Lebanese school of journalism and media was once famous for its highest standards and being a power-house in the entire region. From its first days of creation in 1858 till its peaks in the 1970’s through 1990’s hundreds of media outlets and a huge flurry of writers, creators, media outlets were competing furiously at the highest standards. Then the bubble burst and rapidly day by day media outlets were in crisis unemployment in the domain was rampant and some of the oldest media institutions were closing due to bankruptcy. This paper addresses the real cause for the boom in media in Lebanon and its demise and what the future holds.