I think the water cooler is more important than ever. "Oh, did you hear that 'Inside Amy Schumer' is fabulous?" Where do you find it? It's on Netflix, it's on iTunes, it's on places nobody ever heard of five years ago.

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 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.

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.

Some things go slow, slow, slow, and then - wham! - they're over.

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.

People don't have to go to cable news or network news. Live sports is the one of many things that's kind of community television. There are a lot of people who still tune in to "Sunday Night Football" or "Thursday Night Football" the way they did before.