The long term issue of the TV industry is not millenials, it is kids born post-2000, who have never gotten the linear television habit.
I'd imagine e/i television was invented by a coalition inspired by Gerry Mander's arguments for the elimination of television. Watch a few minutes of it and you will wretch, it sends the clear message that television is boring. Kids programming on PBS programs the young to hate TV.
My 13 year old son watches Youtube all the time, he makes things that he sees people make on Youtube, he talks about things he sees on Youtube with the other kids at school, he even makes Youtube videos.
Once in a while we watch something on broadcast TV and I see he just doesn't have the attention span for sports, episodic television, or to sit through an ad break.