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To: Michael P. Michaud who wrote (6769)	3/25/1999 6:54:00 AM
From: Neal davidson	Read Replies (1) \| Respond to of 29970

This article was out mid-afternoon. You will see that the time of the article is 3:23 PM ET. I read it before the market closed. I have highlighted the relevant paragraph. Forum looks at future of media By Steve Gelsi, CBS MarketWatch Last Update: 3:23 PM ET Mar 25, 1999 Also: Movers & Shakers CBS Chief Executive Officer Mel Karmazin said he expects CBS will be one of the largest players as the Internet evolves into a mass medium. "The Internet is not going to replace traditional media, it'll enhance it," he said at the Schroder/Variety "Big Picture" media conference in New York on Wednesday. "You're going to hear a lot more from us in the weeks and months ahead." CBS-TV Chief Executive Officer Leslie Moonves told CBS MarketWatch.com that Karmazin and Chief Financial Officer Fred Reynolds have been meeting with dozens of Internet companies, but Moonves said no deals were yet in sight. On the TV side, CBS (CBS ) is projecting 10 to 15 percent growth in the up-front advertising market. Karmazin also said CBS will have a "pretty good quarter" and repeated his desire to buy NBC. "It'll happen -- it's just a question of sooner or later." He says NBC has no synergy with its parent, General Electric Co. (GE), and should be part of a larger media company. CBS Corp. is a major shareholder in the publisher of this site. Bill Gates confirmed Wednesday that Microsoft (MSFT) is in "ongoing discussions" with the Justice Department over settlement of the government's antitrust suit. "We'd like nothing better than to put this behind us," he said. But Microsoft must still have the ability to "innovate" in its Windows operating system, he added. "We've got to maintain our pace, because if we slow down there are a lot of people who would like to take our place." He pointed to Netscape as proof there are no barriers to entering the industry. In a far-ranging interview with Robert Frost, Gates talked about everything from his family to the shape of technology to come. He pointed to the financial-services industry as the next sector to be affected by the Internet. With only NBC showing a solid profit, TV executives agreed their business models must change. "It's not impossible, but [it's] difficult," said Bob Wright, chief executive officer of NBC TV. Networks are looking at ways of sharing the costs of programming with their affiliates and generating revenue from licensed merchandise, such as CBS's "Touched by an Angel" compact disc, which went platinum. CBS-TV Chief Executive Officer Leslie Moonves said "the network is the center of the wheel" because it offers programming and brand strength. Moonves said CBS is "very pleased" with its National Football League license, which costs about $500 million a year. He said pro football has generated a profit for the network this year. Wright and Moonves disagreed on whether networks should share sports licenses. Wright said NBC likes to have complete ownership, as with the Olympics, or at least a 50 percent share. CBS doesn't mind having a smaller share, Moonves said. As for HDTV, Wright said the industry is in "an awkward time." Movie Director Joel Schumacher complained that creative people in Hollywood don't get quick access to technology or money. "Creative people are treated like the insane children that have to be kept away from the cash register," he said. A panel of movie industry executives said Hollywood is still struggling with production costs, and that one alternative is to produce fewer movies. Time Warner (TWX) Chief Executive Officer Gerald Levin says he doesn't see dramatic increases in cable rates after deregulation next week. Levin called for the federal government to deregulate all media to allow companies to provide better entertainment In other areas, he said he thinks a merger of AtHome (ATHM) and Road Runner is unlikely. He said the Internet is no threat to the music business. And he revealed that Time Warner is mulling creation of a network geared to a female audience. Federal Communications Commission Chairman William Kennard said his agency may step into the debate over digital television standards if the industry doesn't sort it out for itself. "This is the work you have to do -- you can't let the government solve these problems for you," he said. Kennard added that some companies are using "strategic delay tactics" as the industry debates formats for the new medium. Also: 'Big Picture' conference preview