Fifteen years ago, nobody thought that content would ever work as a business. It was impossible to raise any money, initial investments were $10,000, seldom $100,000. It is only over the last two or three years that we have started to see very large amounts of capital coming into the digital industry. That has created a lot more competition.

Some things go slow, slow, slow, and then - wham! - they're over.

In the new world of digital, there are no must-read publications any more.

It's very hard to be good. It is self-destructive thinking to think that there is too much good.

You have to have a business model you believe in and like.

People have been predicting the death of television for 20 years now, and so far it's been entirely wrong. But it does seem viewership habits are starting to change.

Before the internet, big publications were like hydrants in the desert. There were relatively few of them, we needed each one of them tremendously and they had control over what was delivered. Now they are like little streams flowing into a massive ocean.