• by Wayne Friedman , Staff Writer, July 25, 2006

There's nothing better than an apologizing TV executive--make that a wannabe TV executive. Steve Case, co-founder of AOL, is one who found that religion.

Case has been regretful for participating in the merger of Time Warner: "Yes, I'm sorry I did it," he told PBS' Charlie Rose. Some $200 billion in shareholder value evaporated --including scores of senior executives such as Case, himself. A pricey mistake.

We can only hope the next remorseful wannabe TV/film executive will offer more tears--perhaps when Google or Yahoo buys CBS or NBC in ten years? Being a mogul is still a tempting arrow to have in one's quiver.

It won't come off exactly the same way, because by then Internet concerns will have even more senior executives with big TV and film resumes. Right now, you could point to Yahoo's Terry Semel (ex-Warner Bros.) and Lloyd Braun (ex-ABC).

Maybe the damage this time around will be just $500 million in shareholder value.

Cheap deal--you can charge by Paypal.

Finding the natural bridge between the Internet and the traditional businesses of film and TV will take some good frontline scouts. YouTube and MySpace are the flavors of the week, but with short-range binoculars. Big video advertising dollars aren't there yet.

We like contrition from our TV executives, preferably served cold to the touch. No problem in failing. Just take your lumps, move along, and show us something new. When you're riding high, we want you down, this far off the ground, looking for Milky Way wrappers. When you are an inch off the concrete, we want to see you being pulled up by a cop on the beat.

It's all here when you try and enter the apologetic world of TV capitalism.