References to the Tiffany Network have been scarce in the latest corporate brawl over control of CBS. The phrase harks back to a time when network TV was awfully important.

Network TV isn’t what it used to be, but the CBS battle is sufficiently juicy to have occupied the New York and L.A. media for the past several weeks. In one corner is Shari Redstone, who controls 10% of the stock and 80% of the voting rights in thriving CBS. She wants CBS to acquire flailing Viacom, in which she also owns 80% of the voting rights.

In...