Cynthia Littleton Business EditorFor more than 20 years, the business of owning cable TV channels was seemingly too good to be true.Todd Juenger, senior media analyst for Sanford Bernstein, crunched the numbers and found that entertainment giants with big cable TV footprints — think Disney, Fox, ViacomCBS, NBCUniversal, Discovery and AMC Networks — generated astounding 30%-40% returns on invested capital for decades.“We looked at the S&P 500 trying to find companies that consistently delivered returns like that and it was less than 10 — basically no other sectors could claim that kind of return,” Juenger told Variety in a rare interview.But a market that rich was also ripe for upstart competitors to take big bites out of those gaudy.
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