Some good info here.
Nice post, Randy, but I am not convinced about the title. I believe content marketing transcends owned, paid and earned media, in the classic sense they are usually given. Indeed, content marketing becomes a lot more meaningful for brands who invest on their owned media, i.e. blog, website, case studies, photos, videos, podcast, newsletter, etc.
However, there is nothing wrong with having your content marketing approach cross-pollinate to paid media, or "rented", where a brand can do its fair share of storytelling and steer customers towards a given call-to-action. I don't think this is in opposition to a strategy on owned media.
Great read. Thanks!