Friday, July 8, 2011

…Another Lehman Brothers moment

To quote City AM...."In many ways, the disgusting scandal that has so stunningly and abruptly destroyed Rupert Murdoch’s News of the World (NotW) could prove to be a mini-Lehman Brothers moment for the media industry. As the dominos tumble, there will be more, as yet unknown, corporate victims. Seismic, uncontrolled changes are now afoot, at a time when technological innovation was already revolutionising the market; some of these shifts will be good, others will be destructive.

"It is not just the media (and its consumers) that will be affected: the police is being engulfed by what could be the biggest corruption scandal since the 1970s; and Westminster is in turmoil. Business, finance, politics and the media: this is an astonishing story, involving some of the world’s most powerful, larger than life characters, and one which will dominate the agenda in Britain for years to come…."

http://www.cityam.com/news-and-analysis/allister-heath/scandal-will-be-lehman-brothers-moment-media

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