A field where... the construction of heavily leveraged investment platform companies organized around content verticals fueled by relentless cost cutting and supercharged dealmaking – is any strategy likely to support favorable investment returns.
A field where... scale means a thing. Media customer engagement and trust don’t flow from enterprise size. They must be earned and require constant watchful stewardship. This is frequently best done by company founders and founder indoctrinated management teams – not imported managerial gunslingers.
A field where... high cost mechanical barriers to entry advantage and protect the established market leaders. The original ATT telco ground line TV network, the record stamping plant and indeed the printing press - are gone or going.
A field where... complex transaction specialists add dramatic value. Debt pyramid and capital structure reshufflings are distractions from an organic growth focus. And yes, if your promises (covenants) are broken you need a mop up crew. But why exactly are your promises broken to begin with?
A field where... no one will ever again make more than digital penny profits from here on in. The internet didn’t kill user engagement with media; it just killed antiquated media business models based on the top three items above. Information and media consumers will pay to access – or sponsor – content that is original, proprietary, timely and trustworthy. And despite the dreams of some – customers are delivery device agnostic.