Viacom is one of the global leaders in the entertainment, news, sports and music promotion and distribution. The corporation owns CBS, MTV, Nickelodeon, VH1, Paramount Pictures, UPN, TNN, and Blockbuster. Sumner Redstone, Viacom’s CEO and chairman, considers that in the new media world the advantage belongs to the broadcasters and that for a company it is necessary to know how to reinvent itself in order to faces the new challenges:
"Broadcasting is not crashing, not dying, not endangered. Broadcasting is still as compelling as ever. In the new media world, I say, the advantage belongs to the broadcasters."
"My message today isn't that we need to reinvent ourselves or embark on radical new strategies. What we need is the resolve to fully exploit our unique strengths."207