A principal of the study suggested that in 10 years, 85% of TV viewing will still be on a TV at home. But it's difficult to imagine the experience will not be redefined by social networking, long-tail niches, etc. Consumers appear to be more prepared for that advent than the television industry.

Social-networking is the backbone of digital media, but making it pay is tricky. Its eventual monetization will have less to do with advertising as we know it and more with hyper-personal, hyper-local transactions. Will companies structure themselves to take advantage of those new economic opportunities?

When former GE chairman Jack Welch declares shareholder value "a dumb idea" and P/E ratios drop to zero, it is time for companies to reassess how they define and create value. TV and newspapers must replace outmoded business models or die trying. Here's the key: innovate.

Big media will never be the same again, but some of the survivors are becoming more apparent. For the conglomerates ensconced in broadcast television, some industry analysts are casting their financial bets: Disney/ABC wins, CBS loses, NBCU gets flipped and News Corp./Fox is up for grabs.

Local news, interests and connections between consumers and advertisers is at the heart of both the failing traditional media saddled with legacy costs and the nimble Web-based contenders. The value of all things local has been woefully underestimated. Ultimately, what's needed is a ubiquitous interactive interface to facilitate access and monetization cross-platform.