Traditional media companies in Europe should buy more online properties because acquisition-hungry U.S. companies are snapping up some of the best European companies, according to venture
capitalist Saul Klein.
European firms need to start competing with U.S. groups for deals that would combine their ad sales forces with the huge audiences on social networks. He cites the recent purchase of Britain's social-network Bebo by AOL as proof that U.S. firms are more aggressive. "If you want a [media] business in five years time, you have to invest online," Klein tells the Europeans.