The Director General of the BBC, Tony Hall, has defended the use of the licence fee and dismissed calls, by some critics, for it to be shared with other broadcasters. Speaking to industry leaders at the Oxford Media Convention, he said the corporation faces tough choices in coming years as it faces competition from the likes of Google and Apple, and added that the status quo is not an option. He said efficiency savings are essential, but ruled out options like salami-slicing. So, what are the alternatives? How can the BBC modernise itself and save money? Steve Hewlett discusses ideas with Lis Howell, Director of TV and Broadcasting at City University, David Elstein, former Chief Executive of Channel 5 and now Chairman of Open Democracy and the Broadcasting Policy Group, and he talks to Patrick Barwise whose latest report for the Reuters Institute concludes that commercial broadcasters, and viewers, would be worse off if BBC TV did not exist.

The Paul Foot award for investigative and campaigning journalism has been won by David Cohen of the London Evening Standard for his work on gangs, which formed part of the newspaper's Frontline London campaign. David joins Steve in the studio to discuss his work, and the present state of investigative journalism.

And as the application deadline to be Chairman of the new press regulation body IPSO closes, we ask Lord Hunt, the current Chair of the Press Complaints Commission, whether he's thrown his hat into the ring.

Producer: Katy Takatsuki