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The Curse of the Mogul: What's Wrong with the World's Leading Media Companies |  |
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The Curse of the Mogul: What's Wrong with the World's Leading Media Companies | |
网友对The Curse of the Mogul: What's Wrong with the World's Leading Media Companies的评论
The Curse of the Mogul identifies step-by-step the systematic problems that result in poor shareholder returns at the world's leading media companies. Author Jonathan Knee provides a quick and inspiring read and offers six real suggestions to improve the performance of media companies. This book reinforces many beliefs I started to formulate in my head concerning the future of the media industry, particularly the thesis of content as king. The reason I find the book invaluable is that it builds a logical case study pointing out problems plaguing the media industry and attempts to offer solutions to overcome these problems.
As a venture investor, this book has revealed the "common sense".
When management becomes arrogant and self-centered, then the downfall will follow.
This is especially true when the barrier of entry is low and competitors can easily come in.
"The Curse of The Mogul" - for "moguls" are surrounded by people who are eager to please the "boss", inflates the boss's ego. After a while, the Mogul has been brain washed and thinks he is Midas. Then the downfall starts!
I eagerly read the book from cover to cover and will do it again. Insightful, smart, well-informed, wise. I wish all media management and media economics books were this good, but most of them are not.
I picked up this book with great anticipation, as I work in the media business and have my own thoughts about "the moguls." Sadly, this book was ultimately nothing more than frustrating. It makes the very correct point that media mergers never fulfill the analysis done to justify them. This is well worn ground, and largely true for most mergers. Indeed, the core of this conclusion about media mergers is borrowed from a somewhat dated Wall St. analyst report, not written by any of the authors. While the skeptical tone about media business rationales for various acquisitions is very healthy, this book ultimately provides insufficient hard support for this skeptical tone. I came away feeling like the conclusions reached were likely correct, but that the analysis of the book really didn't support them. Ultimately, it seemed like the author's recommendation to the media moguls was to concede that they were not running growth businesses, should not be investing capital in growth that was unlikely to materialize, and instead should be raising their dividends and returning capital to shareholders. Something that would make the shareholders scream, as the value of their investments would plummet.
When many business books are hagiographies describing successful companies and how great their CEOs are, this book looks at bad CEOs in the media industry. In fact, the authors argue that most media company CEOs are bad. The authors do not mind criticising specific executive as well as McKinsey. That is something rare. The last year of data in the book is 2008, so writing in 2016 the book is certainly not up to date. Still a lot of the writing is still valid, even though many of the excesses of earlier decades have disappeared. If you are interested in the industry this is a good starting point.
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