Time-Warner announced today that it will spin off AOL, dumping the company that purchased Time Warner nine years ago in what was to be the first of the megadeals where Internet companies would buy up all the old media.
AOL failed as a media giant for the same reason movies make more money than the theatres do - content is more valuable than access.
The other piece hitting old media now is that multiple-source access is more valuable than single source access. Newspapers are dead, they just don't know it yet.
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