Time Warner: Tomorrow's Conventional Wisdom Today!

Regarding Time Warner’s surprisingly decent earnings report of yesterday, and Time Inc.’s what-took-them-so-long push into a more aggressive Web strategy:

Old CW: AOL’s walled garden approach allowed competitors to build massive leads in Web advertising; locking up key magazines in long-term arrangements kneecapped Time Inc.’s attempts to establish thriving online businesses. New CW: There’s nothing but upside from here!

(Apologies extended to Mickey Kaus, Newsweek’s Conventional Wisdom Watch, and, uh, anyone else I am stealing this idea from.)

Before it's here, it's on the Bloomberg Terminal.