Although the economic environment is still tentative, it's clear that investors are now rewarding growth," Aryeh Bourkoff, vice chairman of Joint Global Head of TMT Investment Banking UBS, told CNBC on Thursday.
"The real fundamental game is around media companies and technology companies working together to create better growth stocks," Bourkoff said.
"Google has been primarily a one-business driver in search and they are now trying to create new streams of revenue that will be more embracing of media trends, like advertising," he said, adding, "That is a great example of the integration of media and technology."
"There are very few companies taking advantage of broadband, like Netflix. Netflix is in every device, not in the traditional cable landscape, and getting a very high valuation with very high growth rates right now," Bourkoff said.
"The question really is, can cable or content companies do that for themselves?," he said.
"Jeff Bewkes [the CEO of Time Warner] was at our conference in December. He disclosed that HBO will develop a product that will compete with Netflix. Right now it will be positioned with their existing cable partners. So they will roll HBO out online, in a 'TV Everywhere' strategy," Bourkoff said.
Tech companies that are not experiencing the same type of growth as Microsoft, Apple, Amazon, Netflixand Google will have to "reposition their business model for growth," he said.
*Aryeh Bourkoff is an advisor on the Comcast/NBC Universal joint venture,which was just approved by the FCC and Justice Department and will close later this month.
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