Andrew Ross Sorkin of The New York Times is in Sun Valley, Idaho for Allen & Company’s annual confab.
Yesterday, Internet pioneer Marc Andreessen, who now runs the social networking site Ning, sounded his alarm.
In a morning panel session titled “Looking Around the Corner to the Future” – which, like all meetings here are closed to the press – Mr. Andreessen told the audience, which included many executives from the so-called “old media” world (including Rupe), that non-digital businesses are toast.
“He said, ‘If you have old media, you should sell,’” according to one attendee, who spoke anonymously because the sessions are off-the-record. “If you own newspapers, sell. If you own TV stations, sell. If you own a movie studio, sell.”
I’m probably not as smart as Andreessen, and nowhere near a rich, but his words of doom sound absurd to me.
Allen & Company is a boutique investment bank based in New York was founded in 1922. The firm has quietly become the premier investment house in the media and entertainment sector.