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Introduction
During a panel discussion at Allen & Company's annual summer camp for media moguls in July of 1996, Viacom Chairman Sumner Redstone appeared on stage with Ted Turner, the CEO of Turner Broadcasting; John Malone, the CEO of Tele-Communications, Inc.; and with Robert Wright, the CEO of NBC. They were to discuss the future of communications, and a moderator started the dialogue by asking: What is the number one issue communications companies should worry about over the next twelve months?
Redstone, Turner, and Malone weighed in with solemn or rehearsed blah blahs. However, when the moderator repeated the question for NBC's Wright, he first paused dramatically for effect, scarmed the 250 or so familiar faces—from Warren Buffett to Bill Gates to Herbert Allen to Michael Eisner—then declared, "That's not the question! The question is: Where's Rupert?"
Wright's response was apt, for with the possible exception of Microsoft's Bill Gates, in the nineties no mogul was more watched—and feared—than Rupert Murdoch, the Chairman and CEO of News Corp. But Wright's joke was also telling. It capmred the pervasive sense of insecurity that envelops the commimications business.