My niches were not meant to be a knowledgeable insight, just examples.  And you have a good point about buying cash-generating companies (companies that are winning the niche battles).  But they really need to focus- and only buy companies that are in that focus.  If they are a media company then they are competing with Condé Nast, Youtube, and bloggers everywhere.  But if they are, for example, an educational media company, then the scope is clearer and they can muster some leverage.