Media companies have made a huge mistake in responding to past technological changes that must be avoided amid the rise of artificial intelligence. This was a message shared by David Rhodes, executive chairman of Sky News and former CBS News president, and Alma Latour, CEO of Dow Jones and publisher of the Wall Street Journal.
They spoke in a session that was live streamed and entitled “Media, Machines, Mayhem: The Truth as a Competitive Advantage.”
Rhodes claimed that there is a “failure of imagination” when it comes to AI’s vision. “Now we’re talking about generative AI, we’re talking about answers to prompts, and what really matters to us is to be a design partner with all the companies. When something more appealing happens, when these models come to the video.
Of course, the right business and financial models for AI companies to use media content remains an important focus and issue of discussion. Various media companies have attacked licensing agreements with another AI company. “We also want to defend the good terms of trade, our information and how the results will manifest in responses to those prompts,” Rhodes emphasized in that context. “We need to not repeat what the news media errors are when approaching Web 1.0, even Web 2.0, and even social media where big mistakes have occurred.”
Latour reflected that when sharing his company’s approach to AI. Dow Jones signed a license agreement with Openai, which caused confusion.
“We want commercial arrangements with all AI platforms. That’s the foundation. Information has value and we need to reach that value through market mechanisms,” he emphasized. Emphasizing that Dow Jones spends $1.7 billion each year to “perform the Wall Street Journal and all the other information, the little miracle,” he said, “I can’t expect to take away all of your productivity from this year… I can move to an AI machine for free and take 130-year worth of archives without proper wages. “We’re not going to let that happen. That’s why we need fair value. Otherwise, there’s no news,” the CEO concluded.
He didn’t write words in his follow-up comments. “So we want to attack commercial arrangements. If you don’t agree with it, you’re a thug and we come after you prefer the general thief,” Latour shared. “We’ll see you in court, and we’ll argue our case. And while it may sound belligerent, it’s necessary.”
Rhodes on Wednesday did not comment on the lawsuit filed by US President Donald Trump against CBS News on how 60 minutes compiled the answers to questions from his previous opponent, Kamala Harris. Both sides are undergoing mediation consultations to try to resolve the lawsuit, and Paramount reportedly provided $15 million to resolve the lawsuit. The Federal Communications Commission is also reviewing the agreement to sell to CBS Parent Paramount Global’s SkyDance Media, reviewing interviews via the scope of “news distortion.”
So, is there freedom of press in the United States now? “Yes, there is freedom of the press,” replied Latour. “I always ask this question, especially when traveling abroad. Our journalists are free to report, and our opinion writers are free to share the free market, the philosophy of the free people at a rich and free time.”
He continued: “There is a free debate. Of course, the president can respond freely to it, and the decibel levels have risen. But I don’t think there should be hysteria,” Latour concluded: “Tension between the administration and established media or other media is common. When the Wall Street Journal spoke to the homepage about President Biden’s cognitive decline, it wasn’t very comfortable. The decibel levels have definitely risen.”
The conclusion was summarised through the session. “In a world where at first glance all voices have a platform, where stories can make businesses and public trust in businesses and institutions are rapidly eroded, the mission of global news organizations is more important or more complicated than ever,” the explanation states.
