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.

Successful publication is all about the mix. What Buzzfeed discovered was that people like cat pictures. We can pretend to be embarrassed about that as a species, but it is actually a truth. So Buzzfeed publishes a lot of cat pictures. But they use the money from cat pictures to build an exceptional newsroom that publishes stories that far fewer people want to read, but it is very important journalism.

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.

Some people have made a fortune by being employed. Jerry Bruckheimer does not own his content. Warner Bros. owns his shows. They are on CBS, and he makes a fortune.

The first reaction is, get defensive. Second reaction is, what are we going to do about it?

It's all about who your team is and who your people are.

When television came in, everybody thought that was the end of the movie business, which was not and is not.