I remember one of the legendary German broadcasters saying, Germany's future is America's present, and it really was that with the penetration of television.

The major media companies are playing a defensive game, and I'm not sure I blame them. If you look at the digital revolution, you look at who the winners and the losers are, there are some very very big losers - music, the newspaper industry. And there are some really big winners, social media, Facebook.