Typing Faster

March 16, 2010

More Proof Hollywood Doesn’t Get New Media

Filed under: Future of TV, Kvetch — petertypingfaster @ 8:17 am

They keep hiring 80 year olds to be their “New Media Consultants!”

Colorful entertainment executive Merv Adelson, who co-founded Lorimar Television and once served as a vice chairman of Time Warner Inc., has been tapped as an “executive advisor” to Warner Bros.

Known as much for his highflying lifestyle, lavish tastes and serial marriages (four times, including to Barbara Walters) as his business ventures, the 80-year-old Adelson will advise the movie and TV studio on new-media start-ups, Warner Bros. said.

What are his New Media credentials exactly? Glad you asked!

Adelson rose to prominence as a Las Vegas real estate developer during the 1950s when the city was taking off as a gambling mecca. He and longtime partner Irwin Molasky built the city’s first shopping mall and 24-hour supermarket. Adelson later started the swank La Costa Resort and Spa in Carlsbad.

As chief executive of Lorimar, which Adelson founded alongside producer Lee Rich, he launched a programming giant and training ground for many top entertainment executives, including CBS Chief Executive Leslie Moonves and former News Corp. President Peter Chernin. Lorimar, which made the hit series “The Waltons” and “Dallas,” was sold to Warner Bros. in 1989. Adelson then joined the board of parent Time Warner and served briefly as its vice chairman.

So we’ve got real estate, supermarkets and old school television like Dallas and The Waltons. That’s alright, isn’t it? Dallas had a cutting edge interactive component, right?

But why would Adelson even want to be working at 80?

The next two decades were not as kind to Adelson. He lost much of his fortune, in part because he held on to all of his Time Warner stock through the disastrous merger with America Online and also made some bad bets on new media. He filed for bankruptcy in 2003.

“I lost a lot of money,” Adelson said, adding, “It’s no secret much of it was lost in the AOL-Time Warner merger.”

He bet on AOL. Yeah, that’s the guy you want as a new media consultant. Time to give the young whippersnappers a shot Hollywood! Someone from the internet generation.

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1 Comment »

  1. Write more, thats all I have to say. Literally, it seems as though you relied on the video to make your point.
    You obviously know what youre talking about, why throw away your intelligence on just posting videos to your blog when you could be giving us something enlightening to read?

    Comment by buy twitter followers google checkout — May 27, 2013 @ 7:36 am


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