Yahoo is venturing where many media technology companies have gone before — and where it has usually ended badly: Hollywood. Check this story in today’s L.A. Times:
Watch out, Hollywood. There’s a new player in town.
Yahoo Inc., the Internet portal created a decade ago by a pair of Stanford University computer geeks, is getting serious about muscling in on the entertainment business.
In fact, Yahoo has already arrived â€” physically at least. The Sunnyvale, Calif.-based company signed a huge lease last month to take over most of the former headquarters of Metro-Goldwyn-Mayer Inc. in Santa Monica, which will soon be known as Yahoo Center.
Lloyd Braun, a veteran TV executive, will run the new division, Yahoo Media Group, that will be based there. He plans to move some employees from Silicon Valley and aims to poach Hollywood talent to build a media powerhouse.
“It’s the way people must have felt at NBC in the late ’40s or early ’50s,” Braun said recently. “You really have an opportunity to have an impact on an exciting, vibrant, exploding medium.”