It’s not everyday that an executive at a major media conglomerate comments on the war in Iraq.
But that’s what Time Warner Inc. Chief Executive Richard Parsons did last week when he responded to a question at a Town Hall Los Angeles lunch about whether U.S. policies abroad could have an impact on the nation’s No. 1 export entertainment and media.
“Part of the underlying reason why American-generated content is so popular around the world is because, for the better part of the last half of the 20th century, people looked at this country and at this culture with envy,” he said. “To the extent that that shifts, that people stop thinking of this country as the place they want to either be or be like, that will obviously impact the desirability and appeal of the stories that come out of this culture.”
Corporate executives tend to shun controversy and so that was about it. Much of his remaining remarks were given over to bread-and-butter industry issues.
Parsons said he is thrilled with the pending acquisition of cable provider Adelphia Communications, which will give Time Warner control of L.A.’s cable market.
He also said the AOL Time Warner merger was “the worst merger in corporate history,” and blasted corporate raider Carl Icahn, without naming him, for suggesting ideas such as a radical restructuring of Time Warner amid a proxy fight for control.
“I think right now our sector, the so-called media sector, is out of favor with investors because investors have become terribly short-term oriented which I think is a real threat ultimately to the competitiveness of American business,” Parsons said.
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The J. Paul Getty Trust added four new members to its board last week ostensibly to bring in outside financial experts with no connection to Getty President Barry Munitz.
But one of the new board members, Mark Siegel, is in an uncomfortable position. He is chairman of Patterson-UTI Energy Inc., an oil and gas operator in Snyder, Tex. whose chief financial officer has been accused by the Securities and Exchange Commission of embezzling $70 million over five years from the company. The CFO admits taking $29 million. Siegel is president of Remy Investors and Consultants Inc. in Century City. Siegel was very upset about the case, a spokesman said.
The other board members are Stewart Resnick, chairman and chief executive of Roll International Inc., William E.B. Siart, former chairman and chief executive of First Interstate Bancorp. and Peter Taylor of Lehman Bros.
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Correction: The Nov. 28 column incorrectly implied that Mark Matthias, the new vice president and office leader at Aon Consulting in Irvine, had directly left Marsh & McLennan Cos.’ Los Angeles office. In fact, Matthias’ immediate, prior employer was UnumProvident Corp.
*Staff reporter Kate Berry can be reached at (323) 549-5225, ext. 228, or at
[email protected]
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