But they have a problem. None of them is quite sure how to make the web work to their advantage. The merger of America Online and Time Warner has been billed as the solution to both problems. Combine the content and established brands of old media companies with the technological savvy of new media firms and you have the best of both worlds. This prospect has excited the imagination of investors and media executives alike, and driven up the price of technology and media company shares.
Speculation is rife.
Rupert Murdoch's News Corporation and German media giant Bertelsmann - all have struggled to come up with an internet strategy. UK firms like Granada, Pearson and United News and Media have faced similar problems. Getting it wrong can be costly. It's not just a matter of digesting your content, setting up a site and expecting people to beat a path to your door. Mark Mooradian Jupiter Communications Rupert Murdoch's News Corporation is another late convert to the web.