Broadcasting giant Viacom said today it is looking more to cable and the Internet, where the company sees better prospects for its content and bottom line, reports the E-Commerce Times, citing the broadcaster's earnings report. The company's poor results were accompanied by news that it might split in two, along the lines of old and new media.

Apparently, Viacom is weighing a strategy of acquiring internet companies, such as video gaming and other community sites. Forrester analyst Charlene Li told the E-Commerce Times that the explosive internet advertising market affords an opportunity for media companies.

She said the average consumer spends as much as one-third of his or her media time online, but the Web represents just 3 to 4 percent of advertising dollars spent.