Innovate or die says News Corp. chief

CAMBRIDGE, U.K. — News Corp. topper Peter Chernin has urged British TV chiefs to adopt innovative, risk-taking strategies and embrace new media -- or risk extinction.

Speaking at the Royal Television Society’s Cambridge Convention, president and chief operating officer of News Corp., said that traditional media companies must embrace digital media or risk extinction

News Corp. No. 2 exec Peter Chernin added that, "To dismiss user-generated content as crap and blogs as unauthoritative is not only unproductive, but a waste of time."

Chernin said the world of multi-platforms had created a truly Darwinian entertainment industry where only those fleet of foot would thrive.“There are huge rewards for those who innovate and death to those who do not,” he said.

“There has been a fundamental shift that has completely democratized our business,” he said. The News Corp. chief said there was a “golden opportunity” for media companies to make money from this new consumer-driven model.

“We possess the world’s most recognized and loved brands, and have the opportunity to leverage them in new ways.”

He added, “To dismiss user-generated content as crap and blogs as unauthoritative is not only unproductive, but a waste of time.”