Cable TV is dying — and can still be a very good business.

Versant CEO Mark Lazarus runs a cable TV business. He wants to turn it into something else. IMF Cable TV is going away. But it's still here now, and many cable TV channels still make money. Versant, a group of cable channels including MS NOW and CNBC, wants to keep operating those channels — while building new, cable-free businesses. It's also taking some of the money those channels make and handing it directly to shareholders — who seem to like that strategy. What do you do if you're a big...