(FORTUNE Magazine) All this spring along the Potomac, government lawyers and economists were trying to decide whether they should let News Corp. join forces with Time Warner and other cable
Tiffany Bracelets Sale operators to offer satellite transmissions to homes across America. You remember News Corp.: It's the outfit whose irrepressible New York City tabloid, the Post, slammed Time Warner's vice chairman last year with a page-one headline that screamed IS TED TURNER NUTS? YOU DECIDE. Of course, that was only after Turner had compared News Corp. Chairman Rupert Murdoch to "the late Fuhrer" in his readiness to use the media for his own ends. And after News Corp., upset because its new Fox News channel had been denied access to Time Warner's New York City cable systems, had hit Time Warner with a $2 billion antitrust suit. Suddenly, News Corp. wants the feds to let it merge its valuable satellite assets into PrimeStar, the consortium that includes its good buddies over at Time Warner? You can see how a bureaucrat might wonder.
The Justice Department chewed that one over for months before suing to block the deal in mid-May. But it isn't just News Corp. and Time Warner that are behaving strangely, and it isn't just bureaucrats who are wondering what to make of it. A decade of relentless consolidation has left a half-dozen global information and entertainment companies--News Corp.,
Tiffany Jewelry Sale Time Warner, Walt Disney, Viacom, Sony, and Seagram--hopelessly intertwined as they battle for the loyalty, or at least the eyeballs, of the world's six billion people. The competition is fiercest in the developing world because that's where the biggest opportunities lie, but it exists in Europe and North America as well, and it's being fought on every level--in movies, in broadcasting, in cable, in satellites, in music, in theme parks, in print. could nuke Vietnam. "Your competitor is also your supplier and your customer," says Jonathan Dolgen, chairman of the Viacom Entertainment Group. "There's restraint built into it. It's the new Cold War--everybody's got their missiles in their silos, and they're trying to stay away from the media equivalent of DefCon 1."
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Morningstar: 2012 Morningstar, Inc. All Rights Reserved. Disclaimer
The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM 2012 is proprietary to Dow Jones Company, Inc.
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