Thursday, April 25, 2024
Miles from the Mainstream
D. R. ZUKERMAN, proprietor
LPR Attends A Media Conclave

DECEMBER 18, 2003 -- These observations would discuss the present detention of one Saddam Hussein, had I snapped that photo of Saddam Hussein Iraqi Tyrant getting a post-spider hole emergence physical. But I do not have photos to post here of Saddam (was he ever read his Miranda rights; if they are not applicable can he refuse to offer more than his name, rank and serial number?).

I do have, however, a photo of a packed parking lot in a Waterbury, Connecticut mall the day after a heavy snowfall. Also offered, here, is a photo of a table in Ballrooms D/E of New York City's Grand Hyatt Hotel during the lunch at the opening day, December 8, of the four day UBS 31st annual media week conference.

On the third day of this gathering, Janet L. Robinson, a New York Times senior vice president acknowledged that the U.S. economy "is improving". Her assertion was certainly not refuted by the filled parking lot at Brass Mill Commons in Waterbury, Connecticut, the day after a heavy snowfall covered the northeast. Now, it did not take the Rush Limbaugh influence for me to wonder if the Bushphobes on the left would rather not hear about good economic news, and I could not help but imagine that there were offices in the Times community that might have grumbled on learning of Ms. Robinson's remarks at the UBS conference.

Another Timesperson's remarks to the assembled also had me considering its rippling aspect.

 

A table in Ballrooms D/E of New York City's Grand Hyatt Hotel during the lunch at the opening day of the UBS 31st Annual Media Week Conference.

When I heard Leonard P. Forman, another Times senior vice president,and chief financial officer, say that employes and retirees were paying a greater share of health costs, I wondered how this might mesh with the editorial support at the Times for a greater government role in health care. I was left to conclude that the paper prefers a smaller role for itself in employee health care, to be assumed by the taxpayers at large.

At this point, the obligation of full disclosure requires that I acknowledge that the photo of the table at the UBS luncheon was taken contrary to conference guidelines. The media was barred from taking video or still pictures outside the press room which, the times I checked, was always empty.

Although I attended with press credentials, I am a Time Warner stockholder and was therefore quite pleased to find that UBS in its research report on Time Warner listed it as a Buy (all right, a Buy 2, if not Buy 1).

Wayne Pace, Time Warner executive vice president and chief financial officer, gave the keynote presentation at the first day's luncheon and by the time of his talk, I realized that this conference consisted of annual reports - like statements to the assembled. This would suggest that this media conference offers a tryout for the presentation of our leading media companies at annual meetings of shareholders. Mr. Pace indicated that Time Warner is doing fairly well, except at its magazine division. (Perhaps Time might consider reducing its newsstand price and cutting the large number of writers who contribute to the major pieces, each issue.) The stock is still down about a third of the price of my first purchase, but I left Mr. Pace's presentation hopeful that I will not be bankrupted out of my holding, as has afflicted me at other companies.

After that Monday's lunch (during which I was told not to take photos and responded with an offer to pay for my lunch, an offer graciuously declined), I heard Fox Filmed Entertainment Chairman Tom Rothman advise his audience to focus on profitability, not on market share.
The Brass Mill Mall located in Waterbury, Connecticut, the day after a heavy snowfall.

 

This was just after Mr. Pace had told us of Time Warner market share in one area or another. Indeed, other companies also mentioned market share, including The New York Times, as I recall, and I guess, considering Mr. Rothman's advise, if profits would be better, the emphasis would be on profits, not on market share.

Most of the presentations I heard included pledges of responsibility to the shareholders and, still a novice in corporate matters, I found myself wondering if stock prices might have been higher in the past fiscal year if consideration had actually been given to
shareholders, corporate responsibility-wise.

According to a conference press release, top executives from 60 media companies were to make presentations, to be received by some "1800 investors, reporters and analysts from around the world." And Lonely Pamphleteer Review was one of them.