Is Viacom Just a Big Crybaby?

I've been watching the Viacom vs. Youtube battle heating up for a few months now and it's starting to get pretty interesting. To recap, Viacom is upset that Youtube has a lot of videos with copyrighted material on it and, of course, would like to be compensated for it. And by "upset", I mean they are suing Youtube.
With the recording industry setting a precedent of chasing down the end users and suing them for downloading music, it looks like Viacom may be following suit.
It's my thought that Viacom is seeing a sharp decline in its television advertising budgets and is looking to pick up some cash and is turning its frustrations on Youtube, and inevitably, the end user.
At first, Viacom tried to skirt Youtube by trying out programs like live commercials on Jimmy Kimmel and Conan O' Brian. Good effort, but here's the problem. People JUST DON'T WANT TO WATCH TELEVISION COMMERCIALS ANYMORE.
The internet has allowed people to choose what content they want to watch and when they want to watch it. Social media has further spurred the race for good content. Attention spans for the 30 second spot are simply gone. Companies must reach the correct demographic with the correct message at the correct place.
Viacom's answer to scare people with threats of legal recourse will not change the fact that advertising folks have got it a little tougher these days and honestly, maybe it's time for the industry to recognize this.