My mission is to figure out the journalistic model for the digital medium, finding out how we get the right stories readers want, at the right time and wherever they want to read them.

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

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

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.

Wrapping rubber bands around a watermelon is not journalism. It is entertainment. But the key to success in media has always been a broad mix of serious reporting and entertainment. The New York Times does not make its money on reports about Iraq and Syria. It makes money on its gardening section, food and, yes, stories about cats. "The Today Show" is a very successful program because it is a mix of the celebrity chef and the crazy pet who does the rolls and serious news and interviews.

When CNN launched in the early 1980s, everybody said: A 24-hour news network won't work. They launched, they did ok, CNN went almost bankrupt because of the risks they had taken, they got bailed out, and 25 years later CNN is a huge global brand. I think the same is going to happen in digital. If you look at the younger generation, there is a huge consumption of digital media and almost no consumption of print or traditional television. Eventually money will follow that. It is just a question of which companies win, how long it takes to get there and what kind of model you need to apply.

Digital advertising is now larger than TV.