AMC Networks Had An IPO Today…

… and Wall Street shrugged.

Zynga announces a $1 billion IPO and every freakin’ investment bank in New York is clambering to get in on it.

These are the very same banks that were recently slobbering all over LinkedIn and would most likely kill anyone who tries to stop them from getting in on the Facebook IPO.

What am I missing here?

AMC Networks (AMC, IFC, WE, Sundance) represents highly-regarded premium television content (Mad Men, Breaking Bad, The Killing, Walking Dead, etc.) – the kind of content Hollywood needs people to watch.  The kind of content only Hollywood can make.  And the kind of content people really love.

Sounds likes a win win win.  And a buy buy buy.

Zynga represents little $1 digital pigs for sale in Farmville.  Not what you would call premium content.

Sounds like a lose lose lose.

“Mad Men” or “Digital Pig”?  AMC Networks or Zynga?  Which would you imagine to be the Wall Street darling?

Cable Networks (and their two strong revenue streams) are the bread and butter of giant media corporations.

If Wall Street shrugs at a pure-play cable network spin-off like AMC Networks, what does that say about the future of old-school big media?  Being an employee of old-school big media, I’m not sure I like what that says.

Should they adapt to the changing (but unproven) business models and stop distributing quality content – focusing instead on selling little digital versions of Don Draper for $1?  Or should they continue to do what they best until they simply disappear because their audiences die of old age?

Personally, I blame the whole VC/Y Combinator mentally for creating this unearned enthusiasm for certain companies that are, when you really look at them and see what they produce, pretty boring, uninspired and a waste of time.

But more billionaires will be minted – and I suppose that’s ‘End Game’.

Jill Kennedy – OnMedea