Viacom vs. TWC: Who has the power in the new media landscape?

Happy new year to all. Early this morning (technically after the old contract expired), Time Warner Cable and Viacom reached a new deal. Basically, the story was as follows: Viacom felt that TWC was paying too little for Viacom programming relative to the number of viewers. A Bernstein media analyst, Michael Nathanson, backed this up in a published report, and he appeared to be right. So,