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Barry Diller — Chairman, IAC, Investor in Aereo

Barry Dillertells CNBC that media companies that are not pushing the limits of innovation will be left behind.

"If you're not experimenting, or innovating, and not risking your 'so to speak' closed business to new business models and ways of behavior, you'll inherit the wind," he said.

That’s a piece of advice he said the media conglomerates should heed.

“The main media companies, since their births, have not been innovative,” Diller said. “They have always tried to prevent innovation from happening, and never invested in R & D."

Diller is currently backing a controversial start-up called Aereo,which streams live TV to mobile devices by assigning each subscriber a mini-antenna to capture free over-the-air broadcast signals that are routed over-the-web. The technology raises serious concerns about “cord-cutting” — when consumers leave traditional cable TV.

However, Diller isn’t convinced Aereo will lead to customers cutting the cord because cable’s diverse programming offers so much variety.

As for the future of TV? Diller warns: "There's going to be a tremendous amount of disruption. Disruption tends to affect the most entrenched players."

Photo: Jonathan Alcorn | Bloomberg | Getty Images