Cramer: 'I Hate Media' Thanks To Google, Apple
The Hollywood Reporter, Thursday, May 22, 2008 11:15 AM
In an interview with The Hollywood Reporter, CNBC stock picker Jim Cramer reveals, "I hate media stocks." When Cramer speaks ill, that can be very bad news for a sector as his show "Mad Money" holds significant sway with its millions of viewers. So why does he "hate" media stocks? Blame it on Google and Apple.
"The world got changed by two companies," he said. "Apple is taking away the profitability of TV, and Google is taking it away in print. And it's never going to reverse." Having said that, Cramer stresses that Google is the more immediate villain. "It's just a parasite. It doesn't create content, it steals it, borrows it, shares it."
Meanwhile, he said, media giants The New York Times Co. and Gannett are trying to support failing business models. Even the once-great Time Warner "is a content company for old people," Cramer said. "I try to get my kids to read magazines and newspapers, but no kids do. It's a tragedy." Print's failure is a foregone conclusion, he said, even for Rupert Murdoch, whose News Corp. conglomerate recently bought Dow Jones, publisher of The Wall Street Journal.
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"The world got changed by two companies," he said. "Apple is taking away the profitability of TV, and Google is taking it away in print. And it's never going to reverse." Having said that, Cramer stresses that Google is the more immediate villain. "It's just a parasite. It doesn't create content, it steals it, borrows it, shares it."
Meanwhile, he said, media giants The New York Times Co. and Gannett are trying to support failing business models. Even the once-great Time Warner "is a content company for old people," Cramer said. "I try to get my kids to read magazines and newspapers, but no kids do. It's a tragedy." Print's failure is a foregone conclusion, he said, even for Rupert Murdoch, whose News Corp. conglomerate recently bought Dow Jones, publisher of The Wall Street Journal.
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