While acknowledging the robust advertising recovery, Wall Street is looking for -- but not finding -- many signs of sustainable long-term growth in national and local broadcast television. This year's 5% rebound in total ad revenues to $155 billion is roughly equivalent to 2000 spending levels -- even though there are more media platforms.

The major disconnect between the explosive adoption of Apple's iPad by consumers and businesses, and the fumbled, reticent response from so many media and advertising players could quickly become a lost cause -- literally.

There's more to the new Google and Omnicom Group alliance than meets the eye. This formal collaboration in will have significant consumer privacy, mobile and social media implications -- areas in which both companies have seemed intent to push the envelope.

Media moguls at Allen & Co.'s annual summit appear chronically stumped about how to radically transform or purge their legacy assets, while effectively integrating new digital businesses.

Apple, Hulu and Google are intensifying the race for a share of the $65 billion in broadcast TV advertising gradually shifting to online and mobile. Duccess depends on grasping consumers' changing digital behaviors; so far, they've missed the mark.

There is a serious disconnect between the prevailing smartphones and apps hysteria and the hapless pursuit of paid economics by content players losing billions in new revenues.

Data points can underscore larger trends that companies must wisely and bravely embrace, even if it means making radical change. With consumers now spending fewer minutes watching video on television than they do online, operator bundles should focus on broadband Internet and mobile.

A reality check on concluding upfront fall TV ad sales shows they are far from the triumphant rebound heralded by industry executives and the press -- barely recovering half of last year's 20% recessionary spending losses. The future lies elsewhere.

What's a media mogul to say or do without a digital guide book? Facebook CEO Mark Zuckerberg's embarrassing interview at the annual All Things Digital D8 conference underscores the mindset of media moguls thrashing about in the interactive wilderness.

Films and television are being produced and are competing as if it was 1980. They are setting themselves up for perpetual economic shortfalls that cannot be sustained. They need to get in sync with the interactive behaviors and preferences of consumers and marketing partners.