Television is the last mass medium to be disrupted by the Internet. Given the intricacies of the industry, it's also going to be the most resistant to change. Alan Wolk, an industry veteran and longtime analyst and observer, lays out how the television industry is adapting to the digital era, explaining what's really happening in a tone that will appeal to laypeople and insiders alike.

In the first section, Wolk takes us through how the industry works today, focusing on how the various players actually make money and who pays who for what. The next section deals with the changes that are...