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...Curse of the Mogul, Jonathan Knee, Bruce Greenwald and Ava Seave say the biggest problem with media companies is the moguls, who have been seduced into believing that content is king, bigger is always better and talent - especially their own - is irreplaceable. So blinded are they, they have mismanaged their companies and shareholders have suffered. Co-author Knee, director of the media program at Columbia University and an investment banker with Evercore Partners, weighs in on the next big media deal, the treachery of the Internet and why the movie business sucks. (See the top 10 financial collapses...
...Your book suggests a lot of the mistakes the media have made are because of the moguls. Media moguls are a little like investment bankers, and I say this with humility. Investment bankers always have No. 1 market share because they only count the deals that they do. Similarly media moguls look like geniuses because they only talk about the deals that went well. The best example of that is when [News Corp. CEO Rupert] Murdoch bought MySpace - and it's rumored Tom Freston lost his job [as Viacom CEO] over not buying it - everyone talked about MySpace...
...jury still out on MySpace? Absolutely. Since the acquisition MySpace has lost significant share to Facebook, which reflects just how hard it is to maintain barriers to entry on the Internet and why it's such a tough environment to play in. Now a number of folks say "Well, look, Google gave them $900 million in an ad deal for something they only paid $580 million for. How can that be bad?" And the answer to that is: Given that Fox Interactive Media group, of which MySpace is a part, actually lost money this year even after the short-term...
Where are we in the foreclosure cycle? To use a baseball analogy, I'd say we're probably in the middle of the sixth inning. We don't see foreclosure activity peaking until sometime in 2010, and we probably won't be down to normal levels of foreclosure inventory until sometime in 2013. Year to date, we've already seen about 2.3 million households receive a foreclosure notice. That's roughly the same amount we had all of last year. We're looking at nearly 7 million households that are past due on their loans or already in foreclosure. There...
...Everybody complains about the weather," the old saying goes, "But nobody does anything about it." That is, until now. A Nov. 1 snowfall in Beijing - the city's earliest since 1987 - is due, Chinese scientists say, to a campaign of "cloud-seeding" to encourage precipitation. If true, it's the wettest success yet in a long-standing effort to bring moisture artificially to the parched northern regions of China. So how'd they do it? (See pictures of the science of snowflakes...