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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.
The issue for the major companies is how, is how when and where to make their content online. So you look at these major cable companies, whether it's Disney or Time Warner, News Corp., ESPN, USA, they're being very very careful, about making their content available over the internet, and they're trying to figure it out.