Viacom CEO Tom Freston told the Reuters Global Technology, Media and Telecoms Summit the company will get into social networking this year: “We don’t believe the game is over … Really, it’s just started. … I would expect within this year you’ll see some good social networking capabilities in our company,” Surely, this can’t come as much of a shock given the interest Viacom has shown in social networking companies. So far no acquisitions on that front but I’m told Viacom believes it can develop some serious efforts in house. Maybe some acq-hiring is in order.
Freston said the company never bid on MySpace, because revenue didn’t match price. He also sees risks: “Everyone wants to know how you’re going to monetize it. You’re asking people to advertise between conversations between two people.”
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