Jeff Zucker runs one of the world’s leading media and entertainment content companies, which is also being caught in the throes of a major shift, due to the impact of the Internet over the last decade.

In this onstage interview with me at the seventh D: All Things Digital conference, Zucker talks about the state of the television business; the changing advertising market; the impact of Hulu, an online premium video joint venture the GE (GE) unit NBC launched with News Corp. (NWS); and precisely what he meant when he said that the Web was turning “analog dollars into digital pennies.”

Here’s the video of the full D7 session (the video does not include a short intro video done by NBC’s “Late Night” host Jimmy Fallon, which includes a ribald joke about Zucker marrying Courtney Cox):