Gates sees even more valuable local TV

Bill Gates is a lot more sanguine on TV -- local TV especially -- than a lot of others out there.

In an interview with "On the Media," one of his basic assumptions seems to be that local TV will be able to negotiate control of distribution over the Internet, just as it now does over the airwaves, concurrent with the rise of more valuable targeted advertising.

He's got the billions. I don't. But I seriously question that assumption.