What The Money Runners Are Chasing Investing In Multimedia

Wall Street often swoons over "concept" stocks, and multimedia--the combination of computers, telecommunications, audio, and video into a powerful system in every home--is one heck of a concept. No matter that years will pass before profits will be made. Investors are clamoring. "You can take some comfort in the fact that some very smart people--Rupert Murdoch, Barry Diller, and Sumner Redstone--are getting into this business with their own wealth on the line," says Larry Haverty of State Street Research & Management Co., referring to the chairmen of News Corp., QVC Network, and Viacom, respectively.

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