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From Umair Haque:

The success of mediacos in the next 24-36 months will be almost perfectly inversely correlated to the number of deals they do at Sun Valley.

Shuffling giant-size deck chairs is the image that comes to mind…

The point, as Umair alludes to, is that the media companies that survive the networks revolution will be the ones investing in skunkworks and getting closer to their networks (e.g. CBS) rather than in legal fees trying to preserve a status quo which is in terminal decline.