The connotation of “legacy” media is a tad frustrating to Karl Ronn, managing director of Innovation Portfolio Partners and formerly with Procter & Gamble. 

“Nothing makes me more angry than being essentially called a dinosaur,” Ronn said at the INMA Business Strategies 2020 Conference in Chicago. “What those legacy companies are is they are the leaders in the industry as it exists today. The challenge is as the world changes, they have to adapt, too, otherwise they will lose out.”

Media companies should think about “and” not “or” when considering innovation.

“It’s not the constraints of the fact that it’s a printed media and the new world is not. We have to accept the new constraint and then embrace that constraint and say and that’s going to be our old source of growth. We don’t give up the old one. I don’t believe in deserting the core business but rather we have to add onto it.”

News media companies must embrace disruptions while running their old businesses.

Media companies have a huge benefit in that the industry owns the morning, Ronn said. The Toronto Star is now in the coffee business. The New York Times is partnering with Chefd.

They really have a distribution system for physical objects that hits every home, every day. Theres something to be built out of that business.