Opportunities abound in the Asian market, but Western companies have "inadequate" respect for how smart the people are there. according to Peter Chernin, chairman of Chernin Entertainment and The Chernin Group.
That came in a conversation with the Dean of UCLA's Anderson School of Management, Judy Olian, during the Paley Center for Media's International Council session on Friday in Los Angeles.
The former News Corp. president and COO argued that instead of big media companies coming in and running the show, these companies should look to partner with some of the local flavor. He said that while "there are clearly opportunities for U.S. or global content," that this region has its own customs and way of life that western-created content may not fly. "Local content will always prevail."
Chernin launched CA Media last November specifically to scour the Asian market for business opportunities in terms of content creation, television networks, advertising and digital media. "The one thing that is a constant in all of these markets right now, is that you have brilliant young people, very well-educated and very, very worldly," he said.