"The 99-cent rental is not a good price point," said Viacom CEO Philippe Dauman. "It doesn't work for us."
As the owner of cable networks like Comedy Central and Nickelodeon, Viacom "invests heavily to produce its content," Dauman noted. Viacom is planning to increase its investment in original content.
"We value our content a lot," Dauman said. "We don't think Apple has it quite right yet."