Now that many media chieftains have fallen into disrepute and have left, those who are sti

"CEOs were overturned as were some stocks." That is how AOL Time Warner entertainment group Chairman Jeff Bewkes summed it up. The era of the "imperial" (one-man rule) CEO has come to an end, MTV Networks Chairman Tom Freston added.

The two executives agreed that the industry's complex and often ill-fated megs mergers had proven that bigger is not necessarily better, no matter how big the reputations of the personalities behind them.

The continuing flameout of media executives who a few years ago were hailed as visionaries was active this month, and the industry's fears reached into the executive ranks of music, publishing and TV.

Technology visionary Steve Case left as chairman of AOL Time Warner, replaced by Chief Executive Richard Parsons. Top executives at Sony Music, MCA Records and Random House were booted. And Walter Isaacson, chairman of CNN Networks, left for a think tank.

This shows just how difficult it has become to find the right managers for the terribly altered media. "Many executives got caught up in the late 90's boom in the media industry and got ahead of themselves in strategic vision for their companies," said Mark May, of US investment firm Kaufman Bros. "It takes more than a couple of years for these companies to be ready for another visionary."

The collapse of the dotcom bubble, the ability of music fans to get songs free on the Internet, sagging bottom lines and intense competition among cable TV news networks are some developments that helped trip up media executives recently. But the urge to merge was one of their weakest points.

It is not that media companies should avoid all mergers, said Larry Haverty, managing director at State Street Research, a US investment management firm. They need acquisitions for growth. But making them work is a real challenge. They need to choose what pieces fit together and how much they are worth. They need to adjust quickly when technology and consumer habit trends shift. And, more than ever, they must be careful not to promise too much.

Sony Corp. of America Chairman Howard Stringer said that an executive today is "the rarest of senior entertainment executives, equally adept at business, management strategy and value creation, as well as a consummate(完美的) and proven developer of content, talent and ideas".

Both Jeff and Tom agree that

A．media chieftains are visionary and active.

B．media executives have big reputations and nice personalities.

C．the media industry should be cautious about merger.

D．the media industry is too complicated to handle.