There used to be a saying in the media world that "content is king." In other words, if you produced the televisions shows and feature films viewers wanted, you had competitive advantages over other companies in the sector.

Does that expression still hold? That's debatable, as the media sector has seen its fair share of innovations that have changed how millions of Americans consume programming. Indeed, no longer do households eat dinner and then watch the news and a hit show that comes on during prime time. Rather, consumers are more likely to binge watch an entire season of a favorite show in one weekend or watch a hit movie on their cellphones or tablets. Then, add in companies such as Netflix (NFLX) and Amazon.com (AMZN), which not only have allowed consumers to get around the traditional broadcast television model but are also developing original content.