71Confidential | For Discussion Purposes Only | 71
Did Buybacks Help Strengthen Viacom
or Hollow It Out?
“We cannot stop thinking about the remarkable similarities between the story of
Eastman Kodak and our view of Viacom. Basically two examples of once-
dominant companies where the product that provides the majority of their
profits (film; linear TV networks) is made obsolete by a digital world.
Consumers are taking more photos than ever, and watching more video than
ever—but using different underlying technologies with radically different
economics and value chain structures.”1
Senior Analyst, U.S Media
Sanford C. Bernstein
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