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.

[T]here's a difference between confident leadership and empty-headed delusion or cheerleading. And this is a difference that many CEOs miss.

The tech folks have seen WiFi as the way to untether. And what better reason to untether than entertainment content? So there's nobody better positioned than the in-home Wi-Fi purveyor.

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

The content defines the platform, so whereas when I was working at ABC from '66 to '76, people said it was the "great wasteland." It was the least-objectionable program that succeeded. It was, if you could get behind "All in the Family," you were successful.

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

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.