OK, Viacom got its way ... now what?

So, as you'll see below, the CEO of Time Warner Cable is apologizing for Viacom and its idiotic decision to blanket the airwaves with panicky "SOUTH PARK IS GOING AWAY" messages to the entire country on Wednesday. But now all's better and "the companies expect to finalize the details of the agreement over the next several days," promises the press release.

OK. So does that mean Viacom is getting the huge rate hike it asked for in order to cover the advertising losses that it (and every other media company) suffered last year?

And if so, what of the concerns -- expressed by representatives of two of the other companies that are among Viacom's five largest clients -- that Viacom will pull the same stunt with the rest of the industry? And that Fox, NBC, Disney, Discovery and all the other big cable operators, all equally squeezed by the ad pinch, won't be right behind them?

You think the NFL Network was asking for a lot of money? Try adding up all those cable companies' demands (hypothetical for now). And then, ask yourself if you can really afford that in 2009.

NEW YORK, Jan. 1 /PRNewswire-FirstCall/ -- Time Warner Cable (NYSE: TWC) and Viacom (NYSE: VIA and VIA.B) jointly announced this morning that they have reached an agreement in principle to renew carriage for Viacom's MTV Networks. The companies expect to finalize the details of the agreement over the next several days.

Glenn Britt, President and CEO of Time Warner Cable said, "We are pleased that our customers will continue to be able to watch the programming they enjoy on MTV Networks. We are sorry they had to endure a day of public disagreement as we worked through this negotiation."

Philippe Dauman, President and CEO of Viacom said, "We've been partners with Time Warner Cable for a long time, and we're happy to be renewing that partnership for the benefit of their customers and our loyal viewers. It's gratifying that we could reach an agreement that benefits not only our audiences but that is also in the best interest of both of our companies."

SOURCE Viacom