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

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

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.

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.

Almost any show that has reviewers behind it, Rotten Tomatoes behind it, will find a way to survive.

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.