Chapter 28 - Life after Edelman
Soon after I left the firm in 1992 I was fortunate to meet Larry Moskowitz who created the video news release – the press release for television – on which he had successful launched Medialink in the US. He had just sent Jim Gold from New York to London to introduce the VNR to the public relations community in Britain.
An opportunity made for me and for the next seven years Jim and I worked as a team – he taught me about TV broadcasting and satellite distribution of video footage and I contributed my journalistic and PR experience and introduced him to marketing a new product. We clicked and were successful and together we created the VNR market in the UK inevitably spawned other companies in the field.
One was The London Bureau which became our main competitor and eventually we decided to acquire it.
The deal added important clients to Medialink’s portfolio and also brought in much needed fresh talent into the company. Sadly the success was peppered with personality clashes but more of that for possibly a later day.
The eventual demise of Medialink in 2009 can probably traced to the decision by the board of directors in New York to become a publicly trade company on NASDAQ.
As President, International, I was a director of the parent company and the decision was taken at the time when IPO’s were all the rage and entrepreneurs were making fortunes.
But the market really never got to grips with fully understanding the Medialink business; they saw it as an ‘Internet play’ which it wasn’t and years of continuing investment (i.e. losses) with promises of profits tomorrow which never materialized eventually turned disappointment into distrust.
The economic traumas added to Mediclink’s financial problems to the point where money ran out. The London operation was closed and the Teletrax broadcast monitoring on which the company had pinned all its hopes was sold off for a song.
In 2009 the remnants of what was left of Medialink were acquired by a US company supplying news footage to television.