Word: warners
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Celebrities and sports stars, from Martha Stewart to Joe Montana, are jumping on the VC bandwagon. In the past several months, corporate heavyweights IBM, News Corp., Time Warner (parent of TIME) and Arthur Andersen, to name a few, have launched their own funds. Even the CIA has set up a venture arm, In-Q-Tel. And later this year, Silicon Valley start-up MeVC, along with VC Draper Fisher Jurvetson, will roll out a publicly traded venture fund that lets individuals with a net worth of at least $150,000 plunk down a minimum of $5,000 to play...
...appealing new CD, Invincible Summer (Warner Bros.), slides easily into the groove that has proved to be the most comfortable fit between lang and her audience: the smoothly upbeat pop romanticism at which she excels. The theme of Summer, she told Billboard, is "Brazilian surf-pop" and is a by-product of her newfound infatuation with tropical music and the sun-kissed sounds of Southern California, where she recently relocated after living for several years on a farm outside Vancouver. Lang has said she owes much of the inspiration for Summer to several weeks spent listening to old Mamas...
...those whatsits that the future of TV lies. Cable and telecommunications companies (among them TIME's parent, Time Warner) are racing to wire homes with high-speed data connections, similar to today's cable in capacity except--a big except--that they allow two-way communication and, above all (this being America), commerce. Meanwhile, our more adventurous neighbors are starting to install digital TV "set-top" peripherals, from WebTV to ReplayTV and TiVo, that allow them to surf the Web onscreen, interact with programming, store TV shows on hard discs or even--horrifying to broadcasters--skip all those commercials...
...were a state, AOL would rank second in the nation in population, behind California. The company has a market capitalization of $125 billion--a bit less than the GDP of Denmark. And with its proposed purchase of one of the largest and most powerful media giants, Time Warner, many are beginning to ask, Should we worry about AOL the way the government worries about Microsoft...
This trend worries many. AOL fought restrictions when AT&T (after buying a gaggle of cable monopolies) proposed them. But now AOL, by buying Time Warner, is buying its own cable monopolies. And many are worried that AOL will forget its roots. Will the temptation to build its broadband network to protect itself against unallied content and new innovation be too great? Will AOL, like every other large-scale network that has controlled content and conduit, pick a closed rather than an open architecture? Will AOL become what it eats...