Pornography works to a degree, high quality works, bad is obvious. Nobody goes for bad. The terrible middle ground is the mediocre. That was kind of the essence, in a way, of broadcast television when there were only three channels.

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.

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

Television is like the movie business. It's not the least-objectionable program - it's the best program that gets positioned. Same in the movie business. It's not just everything automatically gets done by the "in" crowd.

Arrogance follows distribution strength.

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.