Like all forms of work, project work is constructed within the rules that govern labor and capital markets. In this paper, I examine how project work and the project workforce in ‘old’ media (motion pictures and television) and ‘new’ media (multimedia or Internet-based information, entertainment, and infotainment) have been affected by changes in the regulatory regime governing entertainment and information-intensive industries in the United States. Of particular significance is the role that collective bargaining institutions play in industry governance. In the case of old media, the regulatory regime initiated in the 1980s by the Reagan administration considerably reshaped the terrain for media production. ‘Virtual integration’ of a substantial portion of production resulted in the routinization of project work and decreased the need for collocation of preproduction, production, and postproduction in Los Angeles, the ‘home base’ of these industries. Old media, however, retained the key governance organizations that predated changes in regulation, particularly guilds and unions. New media, by contrast, emerged in the 1990s era of laissez-faire regulatory policy. ‘Consent decrees’, regulating competition in a wide range of industries were lifted, allowing firms to acquire, merge, and move freely both to concentrate economic power and to diversify. Unlike their old-media counterparts, new-media workers (and their employers) did not have the intermediary institutions to set the rules for employment, to define roles in project production, or to facilitate project management. For the new-media worker, and his or her employers, stronger dependence on interpersonal connections for credentials, legitimacy, and job match means stronger dependence on regional markets. The history of change and continuity in media project work can illuminate broader questions, such as how market regulation affects the location strategies of firms and workers.