An operating company has come into being, ex nihilo, with the blandest of names—NewTV—and a valuation north of $1 billion.

Another thing that hasn’t happened before: the very first funding round for the company managed to reach the $1 billion mark.

NewTV, then, is no scrappy startup.

Rather, it is, from day one, an enormous privately-owned corporation, run by a deeply experienced CEO, Meg Whitman, who formerly ran eBay and Hewlett-Packard.

The reality, however, is that TV’s business model is secure, its revenues are gargantuan, and the barriers to enter its industry have never been higher.

A billion dollars is only half of the $2 billion he was originally asking for.