NEW YORK (Reuters) - Leading U.S. media executives are speaking at the Reuters Media Summit this week to discuss the future of their industry at a time of rapid change, when Internet start-ups are usurping decades-old business models.
The following are some quotes from the event so far.
TIME WARNER INC. (TWX.N: Quote, Profile, Research, Stock Buzz) CEO RICHARD PARSONS
"Traditional media businesses are finding their way into the digital space without completely capsizing or cannibalizing their traditional media businesses."
"Probably every private equity firm has approached us about every conceivable" idea.
On the China market: "You can't keep the Web out; you can't keep these communications out ... Most of our stuff is there already, it's just pirated."
IAC/INTERACTIVECORP (IACI.O: Quote, Profile, Research, Stock Buzz) CEO BARRY DILLER
On veteran media executives joining Internet companies: "It's a very hard adaptation ... You get a headache by the first cup of coffee in the morning."
On big media companies' Internet strategies: "They don't do it very well because they don't get underneath the properties of it. Instead, they just try and extend colonialism, media colonialism, into whatever they can." Continued...
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