Arrogance follows distribution strength.

It's all about who your team is and who your people are.

Digital advertising is now larger than TV.

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.

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.

People have been predicting the death of television for 20 years now, and so far it's been entirely wrong. But it does seem viewership habits are starting to change.

Arrogance follows distribution strength.