Abstract
The media and communications markets are undergoing a fundamental transformation. Information and communication firms such as Time Warner and AT&T are pushing into new sectors and altering their value chains in order to integrate and network multimedia service systems. This article seeks to highlight the changes taking place using an exploratory methodology, examining causes, effects and corporate reactions. A first section will analyse the relevant literature. Following this, the causes and effects of industry convergence as well as companies' reactions to this will be identified. On this basis, the integration of new value-added stages will be identified as the central corporate strategy for meeting a changing business environment, the risks and potentials of which will also be elucidated.
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