Is CBS worth $36 billion? Yeah, on Wall Street, where it's 1999, and advertising on TV networks is the best way to sell SUVs and six-packs to the masses. In the hearts, minds and business plans of Silicon Valley, however, it's 2005. Most U.S. homes and every last dorm room and office have high-speed connections to the Net; a wired nation surfs an endless array of digital infotainment, and--sorry, Sumner--the '80s-era conglomerates brimming with vertically integrated synergy are about as relevant as rabbit ears. The Viacom-CBS merger "has the feel of a nostalgia purchase," says Paul Saffo of the Institute for...
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