On CNBC: Gerald Levin talks about future of media

As the market prepares for big earnings announcements from media companies, CNBC asks former Time Warner CEO Gerald Levin about his take on the new media environment and what media companies can expect in the future.

Levin emphasizes media companies need to focus on an effective management strategy and pay special attention to the balance sheet. While he acknowledges media is now in the process of satisfying Wall Street by announcing massive layoffs and cutting costs, the companies need to look ahead and focus on content. According to Levin, content is the one asset base that will most likely increase in value.