Traditional Media Try to Adapt to Changing Viewer Habits, but Usually Fall Short
Cynthia Littleton Business EditorFor more than 20 years, the business of owning cable TV channels was seemingly too good to be true.Todd Juenger, senior media analyst for Sanford Bernstein, crunched the numbers and found that entertainment giants with big cable TV footprints — think Disney, Fox, ViacomCBS, NBCUniversal, Discovery and AMC Networks — generated astounding 30%-40% returns on invested capital for decades.“We looked at the S&P 500 trying to find companies that consistently delivered