Well, the story has made its rounds, and it seems that most of the net at large is now aware: Viacom will be pulling The Daily Show and The Colbert Report from Hulu effective tomorrow.

It’s sad, yes, and when I heard the news I had a whole speech prepared in my head along the lines of how networks won’t be able to survive much longer if they don’t start taking the digital domain seriously… and so on and so forth. As these things are often wont to happen however, after reading a bit more about what led to the schism, it became all too clear that Viacom takes online television quite seriously; they just don’t think that Hulu provides them with a model that’s financially appealing to them.

All of the ad-hoc news blogs have been ablaze with gossip and rumors, chief among them that Viacom was trying to use the fact that those two shows are among the more popular on Hulu’s service to demand a bigger cut of revenue. If true, it certainly sounds like your run-of-the-mill story of corporate avarice (and really, what doesn’t?) or even sour grapes (their CBS affiliate is the odd man out, as NBC, ABC and FOX all have a stake in Hulu), but whether or not it’s “right” or “wrong”, I just don’t think it’s particularly smart.

PR spokespeople have been quick to point out, amid suspiciously gratuitous displays of congeniality towards their former partners, that the content will remain available on Comedy Central’s website, where you can view full episodes at your leisure. “Ah!”, you say, “But there are a non-trivial number of people who would have tuned in to watch on Hulu that simply won’t be willing to go directly to your site.” I’m sure they know this, but the fact of the matter is that both shows are popular enough that they are still likely to see a jump in viewership through their channels — ones that they control entirely and where they can work directly with advertisers to make the most advantageous deals for them. It might even turn out that they actually produce more revenue this way, even with a smaller viewership. It’s just as believable that they don’t care, and just aren’t comfortable distributing through a channel they don’t directly oversee.

In any event, the real problem here is the idea that you can create any kind of sustainable environment through de-centralized, separate mini-networks online. The way I see it, like it or not, the only way you’re going to be able to keep people’s attention online is by allowing yourself to be part of a larger distribution network — the Hulu model if you will.

Putting aside the fact that most networks’ own webpages are atrocious to navigate (Comedy Central’s was no exception last I checked — which has admittedly been a while; I have Hulu!), the fact of the matter is that you don’t have to worry about keeping people coming back to your site if your content is already available somewhere they already go. It’s easy to make power plays when you’ve got the hot-property du jour, but these things don’t last forever. When ratings flag, and that big ugly hubris train comes back to bite you in the ass, everyone else will already have gotten in on the ground floor.

Who knows, maybe Viacom knows something (many things) that I don’t. It just strikes me as an odd maneuver, considering how mutually beneficial their arrangement seemed to be. Maybe I’m just sad that I’ll have to jump through a few more hoops if I want to watch my favorite shows.