“What about Kodak? asked Bill Ruane. He looked back at Gates to see what he would say. “Kodak is toast,” said Gates.8 Nobody else in the Buffett Group knew that digital technology would make film cameras toast. In 1991, even Kodak didn’t know that it was toast.9 “Bill probably thinks all the television networks are going to get killed,” said Larry Tisch, whose company, Loews Corp., owned a stake in the CBS network. “No, it’s not that simple,” said Gates. “The way networks create and expose shows is different than camera film, and nothing is going to come in and fundamentally change that.”
“You’ll see some falloff as people move toward variety, but the networks own the content and they “can repurpose it. The networks face an interesting challenge as we move the transport of TV onto the Internet. But it’s not like photography, where you get rid of film so knowing how to make film becomes absolutely irrelevant."
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Excerpt From: Schroeder, Alice. “The Snowball.” Bantam Books, 2009. iBooks.