Reuters article cites some pithy comments from WPP's Chief of Chiefs, Sir Martin Sorrell, on the rise of the Web and the demise of so-called traditional.
"There are major changes and we don't understand the speed and scale at which they're taking place."
I respectfully disagree with this statement. There really are quite a few people who do know the speed and scale at which they're taking place. Just read a few blogs or listen to a few podcasts to wet your appetite...
"I think there's a certain amount of panic among media owners. Most of these companies, ours included I suppose, are run by 50- or 60-year-olds who have trouble getting it, and who really don't want to see change on their watch."
While I appreciate the sentiment (and to my knowledge, this is a pretty damning indictment from someone so high on the totem pole), I'm a little concerned as to what this says about WPP (or any of their competitors, counterparts, clients or partners for that matter) If there is any bit of truth to this - and I think we all know there is - what does this say about the process? Are clients/shareholder best interests taking a back seat to job security and ego?
More specifically, what exactly should the companies Sorrell cites do about it? It's not good enough to acknowledge it; if these "media owners" and the like refuse to change...they need to be changed. Period.
"Rupert Murdoch, who I admire more than any other media executive ... has been willing to make (Internet) acquisitions almost willy-nilly"
Points for anyone in a reasonably senior position who can use the phrase willy-nilly in a sentance. But seriously, it's a little strange for a holding company to remark on a media company when it comes to acquisitions. Obviously there are concerns about valuations and validity, as well as deja vu all over again ala dot bombfest.
Time will tell whether Murdoch is worthy of Sorrell's praise or the new incarnation of The Brain
In the interim, Sir Martin...give the book I sent you a read and if you didn't get it or your Exec Assistant tossed it in fear of you having a panic attack, drop me a note and I'll send you another.
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