Sumner Redstone meet Clarke's Number One Law

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From The Hollywood Reporter:
Redstone rips Rupert Murdoch over print biz
Sumner Redstone said his CBS-Viacom empire doesn't need a financial channel akin to CNBC or Fox Business Network, then for good measure he tossed a few insults at fellow media mogul Rupert Murdoch.

"He paid $5 billion for the Wall Street Journal without competition. And you know what? There won't be any newspapers in a few years," he told a crowd late Monday at the Milken Institute Global Conference.

"The difference between me and Murdoch is, he lives in ink and I live with movies and television," Redstone said. "Ink is going to go away, and movies and television will be here forever -- just like me."
Clarke's Number One Law?
1.When a distinguished but elderly scientist states that something is possible, he is almost certainly right. When he states that something is impossible, he is very probably wrong.
Redstone is not a scientist but this law still applies. All three can be found here: Clarke's three laws I will not mourn the passing of the New York Times -- they have not aged well and are being run into the ground by clueless management and ownership. Publications like the Wall Street Journal will still be strong thirty years from now. They may transition from print to digital media but they will survive and thrive. What Murdoch was buying was not a bunch of printing presses, it was the corporate culture. Even if the existing staff start leaving in droves, there is still the corporate culture that will train new staff and continue the WSJ's tradition of fact checking and relevant reporting.

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This page contains a single entry by DaveH published on April 27, 2010 8:44 PM.

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