Viacom CFO Richard Bressler, who will retire in March 2006, when his current contract is up, sees few ways that media companies can outspend tech/portal companies like Google and Yahoo. A way out of the conundrum is for big media companies to find a low-cost, low-risk strategic entry into new media using their content as powerful leverage.

“The big media companies never have and never will invest $10 billion-$15 billion on technology annually like Yahoo! and Google do. But the value of their content will always be important. So I think they will have to find a way to come together,” he says. “But I don’t think you will see this happen through equity structured deals. I think you will see it in marketing and other partnership alliances.”

A great quote: “Technology allows consumers to be the venture capitalists of the future,” he says.