Among the winners, though, are consumers and advertisers who have more choices as content is distributed across multiple platforms.
And even as audiences shift to watching their favorite programs on mobile devices, Karmazin doesn't expect the big advertising dollars to be there for the media companies. "You've heard the cliche about analog dollars, and digital dimes and now mobile pennies," he said, "as more and more of the audience goes to mobile, the ability to monetize it becomes even more challenging."
(Read More: Never Been a Better Time for Media: Discovery CEO)
The National Football League, though, is an example of an organization that's smartly mining the multi-platform landscape and offering options, Karamzin said. With a TV network deal, a cable channel, DirecTV deal, radio deals, an Internet presence and a mobile platform, "at some point, you're going to have all these advertisers that have a choice as to where they want to advertise on the NFL," Karamazin said.
Karamazin also joked about his media career and next steps.
Now that Liberty Media is taking control of Sirius XM, Karmazin said he's looking for his next job opportunity. "I know I have to work for a public company with an independent board and I hope I can find one that will be fun and challenging," he said.