All the Wall Street analysts attributed Viacom’s value to its hard assets— the cable systems and radio and TV stations, the delivery systems— but what attracted my interest was the software. The content. Showtime and MTV were fully capable of creating a wide variety of programming, and that prospect excited me. My experience as an exhibitor had brought home one major lesson: It is the software that counts. You can have the most beautiful theater in the world, but if you don’t have a hot picture, forget it. If your competitor has an inferior theater and the hot show, he is going to do better than you. People don’t watch technology, they watch what technology brings into their homes.
They watch what’s on it, not what it’s on! And what is on it is software. Here was a true growth industry and I, an outsider, had figured that out. Content was and is indeed king.
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