A Quote by Jeff Bewkes
The investor world that looks at studios as part of media companies will say that the studio business is supposed to be erratic. Not at our company. Not at Time Warner.
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You see a Clint Eastwood movie, and you might not know if it's from Universal or Warner Bros. or another studio. He has affiliations with so many studios now, but there was a time when you'd just look at a movie and think, 'Oh, that's a Warner Bros. film.'
My biggest dream for this company is to restore it - to bring Time Warner back to the position that I think it once had and, even better than that, to make it the greatest company in the media and entertainment world.
I'm first and foremost a company man, surprising as that is. I love Warner Brothers. That's where I have a deal. That's where I've been for years. So I don't really interact too much with other studios and do things with other studios and I don't necessarily read scripts from other studios.
That business aspect of the media, that Charlotte Street world, the advertising and programme executives, it leaves me absolutely cold. I'm supposed to be the director of a television company, but I've only ever seen that company as a vehicle for making the kind of programmes we wanted to make, getting our ideas on the screen.
The Canary Islands offer special incentives to companies looking at potential filming locations, so it was only logical for me to help the local government make connections with major U.S. film studios like Universal, Fox, Sony, Disney, Paramount, Time Warner, 21st Century Fox, CBS, Viacom, Comcast, HBO, Netflix, Warner Brothers etc.
The profitable part of the online business is very likely several years away. Entering the business because it's the hot topic of the day doesn't make a profitable business nor satisfied customers. That's why it will be a part of Nintendo's strategy, not the mainstay, as other companies are attempting to do. There still are too many barriers for any company to greatly depend on it.
Our intent is to operate Time Warner as it operates today, with autonomy in its divisions, including the world-class creative talent and journalists that make Time Warner a leader in entertainment and news.
Do I think it is good policy for the government to own companies? Normally, I'd say 'no.' But in my world, if a firm puts itself in a position that it needs a last minute rescue, and the future is uncertain at best, then the investor who steps into that breach ends up owning the company. Full stop.
Being a good private equity investor is more complicated than it seems. I would say that there are a few characteristics that are important. If you look at the skill set that you need to ultimately be a successful private equity investor, at least at the senior level, you have to be, in this business, a good investor. You have to be able to help companies perform and you have to have judgment around exiting investments. If you look at the skill sets there, they include some things you can teach and some that you can't.
Adidas is one of the biggest companies in the world. To have a company like that, a mainstream company, a major sports company, to say they want me, it's awesome.
For most of the Latinos in our nation, merger between Comcast and Time Warner Cable would mean one company controlling their window to the world of culture and entertainment.
Companies that make keys, credit card companies, any company in the service business - anything to do with a consumer is probably a software company.
I believe that we will see cases like these that will continue because we're talking about companies that are doing business with a tyranny and a dictatorship. And when they do business with a dictatorship, a tyranny, they will have problems like this. This, I believe, is the beginning of several problems that there will be over the next few years because we are talking about American companies that now want to get cozy with this regime, and they will find themselves in very serious problems such as those we're seeing at this time with the Carnival Company.
There's the famous thing that the A&R man from the record company is supposed to do: He's supposed to come into the studio and listen to the songs you've been recording and then say, 'Guys, I don't hear any singles.' And then everybody falls into a terrible depression because you have to write one.
I do think that impact investing is not that effective. Shares go from investor A to investor B, and the company doesn't even know it. It's inevitably an ineffective way to communicate to the company your feelings.
Whether a studio partner is 50/50 with us, or we do 100%, or we do 75% or 90% and for the most part they just distribute, whether that's Warner Brothers or now Universal, it's always a unique situation. Every movie is almost like a start up company.
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