The internet, the enemy of print newspapers, is, conversely, the friend of television, at least initially in the digital age.

The phenomenon, The New York Times (NYT) reported Wednesday, has to do with the promotional effect that the internet's social dimension has created for television. Specifically, the recent explosive growth and popularity of Facebook (with an astounding 400 million users), has created a new, de-facto 'office water-cooler chat' for television.

CBS (CBS) posted Q4 figures Thursday after the bell. The broadcaster, which competes with Disney's (DIS) ABC, General Electric's (GE) NBC, and News Corp.'s (NWS) Fox, said it made 25 cents per share on an adjusted basis. The growth rate wasn't bad at 19%, but unfortunately, expectations were only met. I know, meeting expectations isn't necessarily the worst thing in the world, but let's remember how the analyst game operates: beating estimates is all that matters.

But meeting expectations wasn't the most disappointing part of the story -- far from it. Instead, the flat top line and the decline in cash flow were more relevant elements. Net cash from operations for all of 2009 was a little under $940 million. There was over $2.1 billion generated from operations in 2008.

Ahhh, Hulu. That wonderful destination where I can re-acquaint myself with my favorite Justin-Timberlake-on-SNL moments, catch up on episodes of Greek, and search for those old Silver Spoons clips I remember so fondly. The two-year-old website is a joint venture between Walt Disney's (DIS) ABC Network, General Electric's (GE) NBC Universal division, and News Corp.'s (NWS) FOX Entertainment Group, and is partially funded by Providence Equity Partners.

But just as online news readers may soon be charged to access The New York Times online, we may have to open our wallets for certain corners of the Hulu universe (they will likely still let me watch Silver Spoons for free).

Conan O'Brien is to receive $40 million dollars to walk away from NBC. O'Brien's agreement would bar him from bad mouthing his NBC bosses.

There has been a two week battle between NBC and O'Brien over the network's plan to move the comedian to a later 12:00 am time slot. Part of the plan is to reinstate Jay Leno in his old time slot at 11:30 p.m. which he has held for 17 years.

Rough few days for NBC, right? First, you have the whole Jay Leno prime-time disaster (which many experts and nonexperts saw coming); now you have yesterday's revelation from Dick Ebersol (chairman of NBC's sports division) that the Winter Olympics from Vancouver will actually lose money for NBC.

Ebersol noted that the cost of the broadcast rights for the games will exceed the company's advertising sales. Advertising sales slumped in the middle of 2009 and, although sales have picked up in the past four months, NBC is going to lose money thanks to the economic slowdown.

NBC Universal, which recently was the subject of a proposed transaction between General Electric (GE) and Comcast (CMCSA), is having a serious problem with The Jay Leno Show. It's not performing well in the ratings. But wait, there's more, as a typical infomercial narrator might intone: The Tonight Show isn't faring any better under the aegis of Conan O'Brien.

Worse, the issues with the 10 PM Leno programming asset go beyond just his ratings. The show is exerting a negative halo effect over the local newscasts. If you don't have a strong lead-in, then the content that follows will suffer.

World Wrestling Entertainment (WWE) is a fun stock to keep tabs on. Not only is it linked to some crazy (and I mean that in a good way) content, but it sports one heck of a yield. As of this writing, WWE is yielding over 9%. Pretty cool, huh?

Yet, at the same time, investors worry over the company's programming. They have to; WWE lives and breathes by the excitement quotient of its various plots and skirmishes. Wall Street wants to see the ratings go as high as possible, and for that to happen, WWE has to deliver.

Corning (GLW - option chain) shares are rising today after the company's CFO Jim Flaws said in an interview on CNBC last night that demand for LCD panels used in flat-panel televisions and netbooks has been "outstanding." He added that GLW's customers have seen a "surge in LCD television demand." If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on GLW.

GLW opened this morning at $19.02. So far today the stock has hit a high of $19.32 and as of 11:50 is trading near its low of the day at $18.91 up 6 cents(0.3%). The chart for GLW looks bullish and S&P gives GLW a positive 4 STARS (out of 5) buy ranking.

Oprah Winfrey, arguably the most powerful woman in entertainment (if not the world in general), is preparing to pack her luxurious bags. She's announced that in 2011, after a quarter-century of favorite things and heartfelt interviews, "The Oprah Winfrey Show" will be no more. The last program is scheduled for Sept. 9, 2011. One can only imagine who might be her guests.

In syndication across the country, Oprah's eponymous program is the top-rated U.S. daytime show (take that, Days of Our Lives!), with an average viewership of 7.1 million this year.

While not entirely unexpected, the news is likely a bit of a blow to CBS Corporation (CBS), as its CBS Television Distribution arm syndicates the program. Additionally, Walt Disney (DIS) might feel the sting of an Oprah departure as Disney-owned ABC is the primary network that airs the show. And will it impact O, Oprah's monthly magazine published by the Heart Corporation? To say nothing of all of the manic women in the audience who long for a chance at one of Oprah's favorite things.

Shares of CBS (NYSE: CBS) are no longer rolling around in the pits of equity hell. Do you recall when they were trading around $3 per share? Nasty time it was. Amazingly, as I write this, CBS is hovering near a 52-week high. The stock is well over $12 in value.

Yet, when I look at the latest earnings report, I don't feel as upbeat as the market. According to the press release (the link goes to a .pdf file), revenues were flat for the third quarter and adjusted income dropped to 25 cents per share from the year-ago figure of 39 cents per share.

Fox is hoping to beef up its roster of talent for its up and coming (although currently widely mocked) Fox Business Network.

And who are they hoping to add? None other than CNN's Lou Dobbs. According to The New York Times, citing "two people with direct knowledge of the meeting", Mr. Dobbs met for dinner with Fox News president Roger Ailes.

Last year, I composed a not-so-bullish appraisal of NBC Universal's Jay Leno strategy. NBC Universal, which General Electric (NYSE: GE) has an 80% stake in, wanted to make sure that Leno's services did not wind up in the hands of a competing media entity when they handed The Tonight Show over to Conan O'Brien, so they bestowed upon him a talk program to be aired weeknights at 10 PM. It debuts tonight. I basically argued that NBC would survive without Leno, and that such an odd programming choice at 10 PM, when scripted intellectual assets are usually broadcast, might not be the optimal paradigm to engage.

Well, I still feel this is a risky move, but I do have to say that an article by Scott Collins over at the Los Angeles Times has piqued my interest in the expected economical benefit that Leno-at-10 might imply. Leno might not bring in a ton of eyeballs, but his profit margin could be acceptable given the lower capital necessary to fund his extravaganza.

Wondering where to put your money in the race for entertainment eyeballs? Before you buy into the hoopla surrounding video via smart phone, check out the latest Nielsen Three Screen Report. Couch surfing remains a strong American favorite.

The amount of time we spend watching TV at home actually increased by 2 hours and 2 minutes per month in the second quarter of 2009 over a year ago, up to 141+ hours, or 4.7 hours per day. Time-shifting (Tivoing) those TV selections is growing in popularity very quickly, up almost 20% in the same one-year period.

There's some exciting news in the world of World Wrestling Entertainment (NYSE: WWE). Looks like Vince McMahon wants to expand his media empire via entering the world of basic cable. Yes, he's already on basic cable, of course, but now he's intent on literally creating his very own wrestling channel.

According to a blog at the Los Angeles Times website, McMahon would be interested in launching a dedicated WWE channel within two years. This makes complete sense on several levels. First, WWE has a lot of content in its library that needs to be monetized; WWE's existing video-on-demand product already leverages the company's portfolio, but exposure to ad-supported cable would be helpful. Second, it could boost the profile of the WWE brand. Third, it might help long-term growth; without question, WWE needs to do something to compensate for the falloff it is seen in pay-per-view buys.

The lead singer might be gone, but the Jacksons are still planning to go ahead with a series on A&E about their preparations for some kind of reunion.

A&E confirmed the planned series on Tuesday but was quick to point out that it had been in the works prior to Michael Jackson's death. Jodi Gomes, an executive producer with the production company behind the show, told the New York Times that the show will feature Jermaine, Jackie, Marlon, Randy and Tito "as they reunite as brothers, obviously underneath a cloud of tragedy."