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October 12, 2006

Google to News Corp: We Won't Eat Your Lunch ... For Now

posted by MR WAVETHEORY at 10/12/2006 07:27:00 PM
Google CEO Eric Schmidt (Nasdaq GOOG) talked to the FT about what buying YouTube means for big media companies like News Corporation (NYSE NWS) and Time Warner Inc. (NYSE TWX). The answer is: We won't eat your lunch ... for now. But we're going to take a hell of big bite of it!
We don't want it to be Google foe. We see ourselves as a technology provider and a distribution network. We're not in the content business.
Somebody remind me, didn't Google say it wasn't going to be a portal just a few years ago. And what is Google today? Oh, and Google wasn't going into the Office suite business. Kudos to Eric for being a true disciple of Sun Tzu: The Art of War. If he weren't a rockstar dot-com CEO, he would probably be running America. George Dubya is no match for Eric Schmidt.
All of the media companies are dealing with dramatic changes in their business. All of them are looking for a partner. All of them are looking for a way to make money. One of the great news, from our perspective, is people are using this content on the internet. The bad news is it doesn't make as much money for the businesses. And ultimately the businesses need to make money in order to produce the new content. So what we're trying to do with all of these partners is to say, 'if you work with us we can combine our advertising platform and your content with a much larger audience.' So far people like that message, they are now trying to figure out what to do about it – should they, should they not, under what terms, and those sort of things.
Read the Google interview here.

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