More from the big boys

According to Om Malik of GigaOm and NewTeeVee, GE and News Corp have raised $100 million for their new online video venture NewCo.

NewCo, recently hired former (AMZN) executive Jason Kilar as its chief executive and has 120 people working in its L.A. office, the New York Times reports. But it’s going to take a lot more than $100 million, a CEO and big talk to beat Google (GOOG). It would take new thinking. Although from my own experience, I can tell you: it’s tough to teach old media dogs new tricks.

So here’s the thing, they are going to be competing with the likes of Veoh and for new content. Of course they have the backing of the most powerful names in media, but unless they start buying the startups, they MSM-based company is going to have a hard time competing with the internet only companies. After all their GE and News Corp’s biggest properties are NBC Television and 20th Century Fox respectively.  Hopefully the network won’t waste $100 million to house failed sitcoms and reality show that aren’t good enough for broadcast.

I’m interested to learn what’s in store for NewCo.

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