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Rupert Murdoch’s ambitions to acquire Time Warner is becoming more of a reality, and with a possible takeover looming, Deadline spoke with former chairman and CEO of TWC, Jerry Levin, about his thoughts on what could become (an even more) powerful media empire.
Below are some of thoughts:
There is no value in a Fox/TWC union
When asked what value he sees in a possible partnership between Murdoch and Time Warner, Levin answered quite simply “none at all.” Levin explained to Deadline: “It provides great theater; everybody gets excited when there are large transactions in the offing with iconic brands. But the fact is, it makes no sense, culturally or creatively.”
He added that it can’t be good for TV or storytelling because most of the focus of the union will be on trying to combine two very different cultures, resulting in a disruptive environment for all parties involved.
Murdoch’s promise to run Fox and TWC separately is an empty one
When prompted, Levin agreed with Deadline that much like “The Wall Street Journal,” Murdoch can promise to keep his media entities separate, but that will never be the case. “They’re not going to run independently because there’s the pressure to merge and purge,” said Levin.
A Google/Time Warner merger might make more sense
“Google is in the content business with YouTube, and at the same time, it has a culture that says, we’re going to finance anything that’s crazy, anything that looks like a moonshot,” said Levin. “There is an algorithm of creativity there.” He says that Time Warner might be better off partnering with a company like Google, who he says is also in the content business, just in a more innovative way. “Where is the next home for the creation of storytelling that gives latitude to insane creativity? Because that’s what this is, an insane business.”
‘True Detective’ and other Binge-friendly shows are the future of not only TV, but film as well
Describing a weekend of binge-viewing HBO’s “True Detective” on a mobile device, Levin says: “That is the future. That’s where the creative storytelling business is going, and that’s why the film studios must come up with something different, not just big action tentpoles.” He adds that this applies to creativity in the TV and film business, where one should rely on gut more than numbers, because that’s where storytelling is at its best. “It doesn’t have to be some set environment, some tentpole that costs a couple hundred million dollars with marketing expenses that really up the ante so all you’re looking at is for sequels or sure things. There’s no sure thing in storytelling, it’s all about doing something that’s innovative and creative.”
Innovation is being found in the digital space
“Where’s the innovation coming from? It’s not coming from the media companies that we know. It’s coming from these start-ups and the digital companies.” Levin, now working with companies in the heath care field, adds that technology and young entrepreneurs are excited to try and sometimes even fail. “The corporate environment does not reward that kind of failed experimentation.”
Murdoch’s involvement in CNN ‘would be a disaster’
Deadline asked Levin about the possibility of Murdoch taking over Time Warner, who owns CNN, a competitor to Murdoch’s own Fox News. Levin says that this threat has come up before: “There was a time when Rupert, and GE, were circling around trying to go after CNN. I think it would be a disaster in terms of information for the public if that ever happened.”
‘Spend, spend, spend on development’
Levin said if he were in charge of Time Warner today, his focus would be on development. “Try and find as many what we’ll call, idea-generating production units, producing units, young people. It doesn’t matter the age, background, sexual orientation. I would finance as much of that as possible without regard to some kind of financial stricture that prevents that.”
Read more at Deadline.
Brief Take: Levin’s opinions mirror many in the TV industry, questioning whether Murdoch’s takeover of Time Warner is something Wall Street should be endorsing.
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