Via Paid Content, here is former News Corp. COO Peter Chernin’s advice on where to focus investment in media:

In a panel discussion with Gordon Crawford, managing director of The Capital Group Companies, at the USC Annenberg School for Communication, Cherin also offered a warning—not that most investors needed it. “You stay out of the U.S., you stay out of western Europe, and you stay out of broadcast, newspapers and traditional media.” China’s media industry, despite being less affected by the global recession than the West, is no oasis, he said. Offsetting the attractive growth opportunities are massive barriers to entry. “You can pretend to do a lot of things in China, but you can’t really make money there.” He prefers other Asian countries, such as India, Indonesia and the Philippines for doing business.

Here is the webcast:

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