Quotes from the Media Summit

NEW YORK (Reuters) - Leading U.S. media executives are speaking at the Reuters Media Summit this week to discuss the future of their industry at a time of rapid change, when Internet start-ups are usurping decades-old business models.

The following are some quotes from the event so far.

TIME WARNER INC. (TWX.N: Quote, Profile, Research, Stock Buzz) CEO RICHARD PARSONS

"Traditional media businesses are finding their way into the digital space without completely capsizing or cannibalizing their traditional media businesses."

"Probably every private equity firm has approached us about every conceivable" idea.

On the China market: "You can't keep the Web out; you can't keep these communications out ... Most of our stuff is there already, it's just pirated."

IAC/INTERACTIVECORP (IACI.O: Quote, Profile, Research, Stock Buzz) CEO BARRY DILLER

On veteran media executives joining Internet companies: "It's a very hard adaptation ... You get a headache by the first cup of coffee in the morning."

On big media companies' Internet strategies: "They don't do it very well because they don't get underneath the properties of it. Instead, they just try and extend colonialism, media colonialism, into whatever they can."

"All of them have television networks, and as you are filled with the changes in the advertising model on television, ad-supported television, then that is also going to be a flywheel of chaos."

BLOCKBUSTER INC. (BBI.N: Quote, Profile, Research, Stock Buzz) CEO JOHN ANTIOCO

"We think packaged media remains king for a long time."

"You're not hearing me fight digital ... It's a business that we will need to be in both for competitive reasons and for consumer reasons, to have a full-service brand."

On movie rentals: "Maybe it's a business that has plateaued, but clearly it is the dominant way people access movies."

UNIVERSAL MUSIC GROUP CEO DOUG MORRIS

On suing News Corp.'s NWSa.N MySpace for copyright infringement: "I think it will settle. It would be a horrible case for them to lose."  Continued...