If you hear your coworkers muttering about Houston and mission control this week, there’s a reason.
Here are some of the day’s top stories in the media industry:
TV Networks Fight Drug-Ad Measure (WSJ)
“Advertising costs are deductible to any company as a business expense. The plan being considered by Rep. Rangel’s Ways and Means committee would eliminate the deduction with respect to prescription drug advertising,” writes Martin Vaughan.
Allen & Co’s 27th Sun Valley media and technology conference starts on July 7 and ends on July 12. In the meantime, expect media writers to breathlessly report, blog, tweet, photograph and record the event. Why the fuss? There are literally hundreds of people coming who are known to do nothing else than run the universe when it comes to TV shows, movies, telecoms, the Internet and all sorts of other electronic communications. We have lists of all the people who bankroll them as well, along with a list of other interesting people you will find there.
The top brass from Twitter and Facebook have been all over the place in recent days, starting with the Reuters Global Technology Summit. No matter the venue or the executive, the questions are pretty much the same: Are you going to put the company up for sale? If not, when are you going public? And how on earth are you going to make money? And when?
AOL’s recently appointed chief executive, Tim Armstrong, has only been in place for three weeks but Wall Street is waiting impatiently for his next move. He’s started to shake up the ad team. Investors are focused on when parent company Time Warner will spin off the Internet unit, which has lost favor with Wall Street, advertisers and users alike.