Er, remind me again: what happened to the Sioux?

I rubbed my eyes when I read this Reuters report

At a panel discussion on the second day of the 56th annual National Cable & Telecommunications Association conference, top executives said talk of the demise of traditional media in the digital age was overblown.

While new distribution technologies like the Internet and mobile phones are siphoning television audiences, media companies argued that the Web also brings new revenue streams.

But the discussion quickly moved to criticism of the perception that traditional media businesses are dead, and to the rampant copyright offenses enabled by new digital technologies.

“The Googles of the world, they are the Custer of the modern world. We are the Sioux nation,” Time Warner Inc. Chief Executive Richard Parsons said, referring to the Civil War American general George Custer who was defeated by Native Americans in a battle dubbed “Custer’s Last Stand”.

“They will lose this war if they go to war,” Parsons added, “The notion that the new kids on the block have taken over is a false notion.”