This sounds crazy, I know, but you can make a billion dollars - very few people do - but you can make a billion dollars on a product. It can be "Lion King," it can be "Simpsons," it can be "Family Guy," who knows what it is. Or you can make zero. But you can't make a billion dollars if you don't own it.

Everything I have is a private company. And even though a public company's a great thing, it's great for financing and all of the stuff you need to do. I'm not answering to anybody but my wife and my children and the people who work for me, and my partners.

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

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.

The definition of strong leadership is not about making decisions that are popular. Making popular decisions is easy - you don't need to be a leader to do that. The definition of strong leadership is to make decisions that are unpopular, but are nevertheless sound.

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

Before the internet, a journalist would write an article about a company that the company felt was unfair and missed a point. All they could do was write a letter to the editor and wait, and maybe a week later it would be printed, or not. Now, they can go to medium.com and immediately publish a long rebuttal, saying the journalist forgot this and did not consider that, the analyst is wrong here. Everybody pulls that immediately into the debate. So it is a much more democratic field for ideas.