It doesn't make much sense and it's nil premium. They're going to have co-CEOs...which is a very uncomfortable structure.

That might be the old model: to get a fixed fee. You have to start to think about other models and how they can generate interest - what it can do for a brand in the future - and about the fact that revenue can also be generated in many other ways... Just look at the one and a half million people at the free Rolling Stones concert in Cuba. And Cuba is not Central Park! So just use your imagination as to what kind of revenue can be made.

And there are some - Bernie [Ecclestone] and others - who are embracing new technologies. When Sky UK started to broadcast there was an argument that audience would come down because it is pay TV. But the actual quality of the production and the use of technology and the engagement of the viewer is much better than it ever was. The product is simply better.

The web attacks traditional ways of doing things and elites, and this is very uncomfortable for traditional businesses to deal with.

[Formula One] is entertainment and it competes with other entertainments - and not with other racing formats. It competes with people's time on a weekend. So you have to deliver.

Think through whom you are trying to reach. Tailor what you do and how you do it to appeal to those communities.

In the old days, you could segment happily. You could put out one message to one segment of the audience, and one to another. That has now gone. You say something to one community and instantly, literally at a click, it's available to everybody. What it means is that if you're trying to craft a message, it's very difficult.