Here’s the thing about the TV business: It’s only as profitable or as valuable as the people who watch it. And if the only people who watch it are senior citizens strapped by debt, it’s not worth much–not to advertisers, anyway.

When Viacom posted second-quarter results yesterday, the company admitted its TV business hit a snag. Global advertising sales grew just two percent, and U.S. ad sales only eked out one-percent growth. Ad volume “dropped off” mid-quarter, according to Viacom president and CEO Philippe Dauman.

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