Interviewing IAC chief and media mogul Barry Diller nearly always means that you'll get more quotable quotes than you can stuff into one article. He didn't disappoint at this year's Reuters Global Media Summit on Wednesday. Here are thoughts from Diller on a range of subjects from mergers and acquisitions and Comcast to AOL, MGM and marriage.
What’s going to happen to MGM?
On Tuesday, the Hollywood studio announced it was replacing its chief executive Harry Sloan with a team that includes a turnaround expert. It’s a well-known fact that MGM, which is owned by private equity firms and Comcast, has struggled with a massive debt load. It has payments due on $3.7 billion of debt and the future isn’t looking too good, given the down market and shrinking DVD demand.
Debt-ridden Hollywood studio MGM, whose library is home to such gems as the Rocky and James Bond flicks, has replaced CEO Harry Sloan, appointing a three person team to run the show: famed turnaround ace Stephen Cooper, motion pictures group boss Mary Parent, and CFO Bedi Singh.
Suddenly, after limited news over the past year, Epix has been very much the talk of the town in recent days. A number of publications, including Reuters, have picked up on some announcements out of the pay TV site jointly owned by Paramount, Lions Gate, and MGM.
The New York Times confirmed this morning that it’s looking to get rid of its stake in the Boston Red Sox baseball team, something previously reported by a number of news outlets.
NBC is once again stuck in last place in prime-time ratings; its much-hyped Olympic coverage is over, so are the elections; advertising across media is under pressure; and dishing out $67 to hang at the Universal Studios theme park probably isn’t as appealing when you could soon lose your job, house, car, etc.