It's "part of the digital disruption" of the industry, he said in a "Squawk Box" interview.
"Even though content is normally king, the new age of the Googles, the Amazons, the Apples, the Netflixes all suggest that you have to be very entrepreneurial," Levin continued, "and most importantly, try and redefine your company."
"It's ultimately all about management," he added. "The ability to manage a combination. It's not just about blue-chip assets. That's another lesson from AOL-Time Warner."
In 2000, AOL agreed to buy Time Warner in a deal valued at $165 billion. The combination never really took, and nine years later AOL was spun off.