Tom Freston "Resigns"

Exactly six years ago on Labor Day, Viacom acquired CBS creating one of the most consolidated of the media titans. Synergy was the catchphrase as among other things, the merger created the largest TV stations group, the second largest radio group and further reduction in the importance of news and public affairs.

The upshot six years later, the two parties have divorced, Viacom is underperforming, 83-year old Sumner Redstone (still the controlling interest in both companies) is having a public spat with Tom Cruise and he has returned the same management to Viacom from before the merger.

This erases six years of history-except of course, for the lost productivity, wasted capital, continued reduction of public service in media, and so on-- and of course, all those that lost their jobs. (in full disclosure that included me!)