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What's Wrong With The World's Leading Media Companies
Portfolio Hardcover
October 2009
On Sale: October 15, 2009
320 pages
ISBN: 1591842646
EAN: 9781591842644
Hardcover
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Non-Fiction
If Rupert Murdoch and Sumner Redstone are so smart, why are
their stocks long-term losers? We live in the age of Big
Media, with the celebrity moguls at the helms of the media
conglomerates telling us that "content is king" and "growth
is good." But for all the excitement, glamour, drama, and
publicity they produce, why can't these moguls and their
companies manage to deliver the kind of returns you'd get
from closing your eyes and throwing a dart? In The Curse of
the Mogul, Jonathan A. Knee, Bruce C. Greenwald, and Ava
Seave lay bare the inexcusable financial performance that
lies beneath Big Media's false veneer of power. In an
industry built on celebrity, mogul-fueled megalomania has
run rampant, with shareholders footing the bill. Moguls have
successfully propagated a myth that both makes them appear
indispensable to the business and justifies their lousy
performance: since they are managers of creative talent and
artistic product, being subject to appraisal using
traditional strategic, financial, or operational metrics is
just unfair, isn't it? But the stark facts speak for
themselves: •Since 2000, the largest media conglomerates
have lost $200 billion in market capitalization from their
collective balance sheets-making Citigroup's red ink look
like a pale blush. •These media companies have consistently
underperformed for over a generation-not just since the
Internet emerged as a competitive force but for the decade
before anyone ever heard of "new media." •Misguided
investment and acquisition strategies have created the
paradox that, in media, the faster revenues grow, the worse
the stocks perform. By rigorously examining individual media
businesses on their own terms, the authors point out the
difference between judging a company by how many times it's
CEO is seen in Sun Valley and by whether it generates
consistently superior profitability. The book is packed with
enough sharp-edged data to bring the most high-flying,
hot-air-filled mogul balloon crashing down to earth.
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