The Wall Street Journal ran an interesting piece on Pierre Omidyar, the founder of eBay, in today's paper. It chronicles his investments in participatory media (Digg and Second Life, for example) and his widespread disinterest in more traditional media companies (BBC, the Economist and WSJ.com are the exceptions). Here's a quote from his investment chief on why traditional media just can't keep up in the new digital world:

“It’s really tough for the incumbents to make decisions that are as decisive as they need to be. They’ve got models that worked for 50 years. It’s really hard to cannibalize yourself. We saw this a lot when eBay was getting rolling.”