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For more than 20 years, the business of owning cable TV channels was seemingly too good to be true.

Todd Juenger, senior media analyst for Sanford Bernstein, crunched the numbers and found that entertainment giants with big cable TV footprints — think Disney, Fox, ViacomCBS, NBCUniversal, Discovery and AMC Networks — generated astounding 30{cb3fe4c54de06d7c4b8dceae281fb32e521027d1659af7adec2f427d2f5333d9}-40{cb3fe4c54de06d7c4b8dceae281fb32e521027d1659af7adec2f427d2f5333d9} returns on invested capital for decades.

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“We looked at the S&P 500 trying to find companies that consistently delivered returns like that and it was less than 10 — basically no other

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