This document provides an overview of media innovations and trends for a founder considering acquiring a media company. It discusses key innovation lessons from the 1970s-90s and experiments in digital publishing. It outlines trends like user-generated content, social media surpassing search as a traffic driver, verification of news, app-based delivery, and data-driven journalism. Tools like Facebook Graph Search, Twitter, and Storify are also covered. Finally, it discusses basic business models for new media like advertising, subscriptions, crowdfunding and combining journalism with another product.