Media companies can most certainly be massive multi bil companies. There is a reason why telcos are buying up media companies (e.g. ATT buying Time Warner/HBO and Comcast buying NBC) and some of the richest billionaires are media tycoons.
I think HQ is on the right track but I don’t see the current team being the right team to turn it into the next big media play. The future of live TV should be heavily interactive.