(10-22-98) -- Gerald M. Levin, chairman and chief executive officer of Time Warner Inc., told members of Boston College's Chief Executives Club on Wednesday that the new "3 Rs" of the rapidly expanding world of communication are "risk, reputation and responsibility."
Levin made his remarks to the Carroll School of Management-sponsored group at a luncheon at the Boston Harbor Hotel.
The chairman of the $24 billion Time Warner media and entertainment empire said, "You cannot be the company we are -- and will remain -- without being ready to take risks." He cited his own firm's development of such media outlets as HBO, Cinemax and CNN, among others, as risks that have proven successful, and cited on-going efforts to expand into areas such as "video on demand" as the investments of the future.
"The power and profitability of our entire company rests in part on the reputation of our journalistic operation," Levin added, noting that gaining a solid reputation is akin to becoming a brand name in business.
Levin also said that business leaders should encourage responsibility to their employees and to the communities in which they operate.
"Our status and skills as the leader in media present us with a special responsibility in the area of education," Levin said as he outlined Time Warner programs aimed at preparing young people to thrive in the future.
"The opening of young minds will remain the most crucial activity any society can undertake," Levin said. "It will continue to be among the only investments we can make with the categorical certainty that it will make a difference."
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