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To: Bill Harmond who wrote (144991)	8/7/2002 10:52:39 PM
From: H James Morris	Respond to of 164684

It’s now AOL Time Warner’s turn to take center stage as the latest poster child of America’s mega-corporate meltdown. >>Additionally, Fader doesn’t believe that ABC, which has fallen on hard times, and Disney are a "good match. It was a great coup when it happened. It was a nice way for Disney to try to change its stripes by aligning with a much more progressive player.” He jokes that they should have changed the name of the entire corporation from Disney to ABC “in order to send a strong signal to the marketplace about their willingness to try new things.” As for Michael Eisner, Disney’s chairman and CEO, Fader describes him as “a good manager for a different industry. In a world where change is constant, he’s not the right man for Disney any longer." When it comes to Viacom, however, Eliashberg and Fader agree that it is a solid, well-run business with proven leadership. CBS is on the upswing, Infinity Broadcasting churns out radio cash flow, Ozzy Osbourne has pumped new life into MTV, and even with their alleged personality conflicts, Sumner Redstone and Mel Karmazin are considered two of the top men in the industry. The company last week reported sharply higher net earnings for the second quarter with a profit of $546 million, and better results at its cable and broadcast TV networks. CBS announced last week it has sold out of third-quarter advertising time adding that there was strong demand for the fourth-quarter, and said that it’s upfront, or preseason, advertising revenue of about $1.9 billion for the 2002 to 2003 prime-time schedule broke records. "Sumner Redstone knows how to run a business," says Eliashberg. "He has experience in all kinds of media businesses, and Viacom is likely to survive." Fader, however, believes that “to succeed in the long-term Viacom must be well-placed in emerging media,” suggesting the possibility of a “big investment” by one of the firms with a larger stake in the digital world. knowledge.wharton.upenn.edu