Guess where the paparazzi are training their lenses these days? For those of you who missed it, The New York Times writes that gossip rags have all but abandoned Britney Spears for the thrill of capturing corporate excesses on camera. From the paper:
******Current valuations for media companies must have opened up some opportunities for dealmaking, right? It’s hard to argue that things aren’t getting cheap.******Well, two of the industry’s top dogs, Viacom CEO Philippe Dauman and Time Warner CEO Jeff Bewkes, seem to have differing views on whether the media meltdown makes for a good time to wheel and deal. Both were asked about it during presentations at the Deutsche Bank Annual Media & Telecommunications Conference.******Dauman said Viacom, owner of MTV and Paramount, wants to focus on internal growth, mentioning Nickelodeon’s international expansion and the Colors television channel in India. “I continue to believe that we are better off investing in growing our own brands than spending significant money on acquisitions,” he said “I don’t see our using huge dollars to make an acquisition anytime soon.”******Bewkes left the door slightly more ajar. He said a lot of the assets or companies out there — “you can fill in the usual suspects” — have previously been way overpriced. “Up ’til now, those things have been around at prices that just don’t provide a return,” he said.******Deals may now make more sense. “We have room for acquisitions if there are real opportunities out there that don’t represent stupid prices or acquisitions risks,” he said when asked if they were on the prowl.******Time Warner, of course, knows a thing of two about stupid prices and acquisition risks.******Speaking of which… Not surprisingly, Bewkes was asked about AOL. He provided fairly stock answers, saying he was disappointed in ad sales and would still consider a deal for the troubled web business. “We always remain open for scale combinations that put any of our businesses in a better position,” he said. “We remain open to that.”******(Photo: Reuters)
Many thought that was the case, but now even Google says so, conceding in a filing that its stake in Time Warner Inc’s AOL unit may be worth less than the $1 billion the Web company paid for it in 2006. “We believe our investment in AOL may be impaired,” Google said in its quarterly financial filing.