content vs. distribution

With growth of such media as IPTV and DMB, the importance of content is ever rising. The following article once again demonstrates how significant content is: convent vs. distribution.
http://www.iht.com/articles/2008/05/01/business/timewarner.php

In another era at Time Warner, before a star-crossed Internet merger, the hard-held belief by Gerald Levin, then the chief executive, was: "Content is and will remain king, but distribution is the power behind the throne."
These days, the king seems to be losing his throne.
On Wednesday, Jeffrey Bewkes, who succeeded Richard Parsons as chief executive in January, said that Time Warner would completely spin off its cable company, essentially shedding the pipes that have underpinned much of the company's fortune. Although the announcement was largely anticipated by Wall Street - it had earlier spun off a 16 percent stake to shareholders - it still underscored a profound philosophical shift.
For years, it was a widely held belief within Time Warner and the media business that there were real financial advantages to owning both the content - television shows and films - and the means of distributing it to people's homes.
But the cable announcement Wednesday, which came as Time Warner reported first-quarter earnings, spotlighted the company's future as a pure content provider. From now on the media company will revolve around two core content businesses that have been out of the limelight in recent years: the Warner Brothers movie studio and Turner Networks, which includes the television channels TNT, TBS, HBO and CNN.