Media: Digital Disruption May Depend on Definition of TV

Wall Street Journal: Digital-ad spending is catching up with TV-ad spending. But how close the two really are depends on how you define TV. That matters in light of the negative sentiment swirling around media stocks. Pessimism is driven by more consumers abandoning pay TV in favor of streaming services and unbundled online versions of TV networks. Investors must grapple with whether to define TV by its delivery mechanism or its content. The latter would encompass all high-quality, nonfilm-length video content viewed on a TV screen, a desktop computer or a mobile device.