Viacom & Social Networking

In the "fight to stay relevant with fickle young tastemakers on the Web", "MTV owner Viacom Inc. plans to enter the business of connecting youth viewers on the Internet this year, a top Viacom executive said on Wednesday, amid threats of losing its cool cachet to News Corp." News Corp. owns MySpace.com, the number 5 most viewed site on the web. Social Media is a blossoming business on the web, because it attracts advertisers who like those 17-25 year olds.