CBS Wants to Buy "The Next YouTube."

Interesting article in the Cincinnati Post today about CBS shifting more focus to the Internet:

Today, CBS is to announce that it has hired a 35-year-old investment banker, Quincy Smith, to find the "next YouTube." The move demonstrates that CBS, which is sitting on a stockpile of $3 billion in cash, is eager to make acquisitions to better position itself in digital media.Full Story

When you look at this story along with NBC's recent knee-jerk decision to slash TV staff and "focus on the internet" (Link) it doesn't paint a pretty picture for the old guard media companies.

It would be encouraging if these guys seemed to have a coherent strategy for moving into the online space, but hoping to "buy the next YouTube" is really a wish more than a strategy. I doubt they're going to be able to 'buy' their way our of this current paradigm shift.