Beginning in 1898, Cox Enterprises built a highly profitable 20th century media franchise based upon initially newspaper and ultimately TV, radio, and cable companies. These companies sustained a dominant position because they were highly defensible. In all cases, their defensibility was defined by local geography. Will there be media franchises of the 21st century? What will define their dominance? Will the only sustainable franchises be category killers like Google? Are we collectively overlooking great franchises right now much like cable was overlooked in the 1970′s?