CBS Entertainment Head To Exit As Parent Company Cuts Costs - Paramount Global (NASDAQ:PARA)

The head of CBS’s entertainment division, Kelly Kahl, is stepping down at the end of the year after 5.5 years in his current role and 26 years at the network.
Thom Sherman, a programming executive at Paramount, which owns CBS, also said in a note to employees that he planned to step down from his position.
Naveen Chopra, the chief financial officer of Paramount Global PARA, which owns CBS, forecasted cost-cutting on the company’s third-quarter earnings call earlier this month, saying there would be “meaningful and sizable” reductions in the coming months.
Related: Paramount Global Shares Drop Post Q3 Earnings Miss; Ad, Subscription, Licensing Revenue Declines.
Mr. Kahl will be replaced by Amy Reisenbach, the executive vice president of current programs at CBS. Ms. Reisenbach is a CBS veteran of nearly 20 years and most recently oversaw all current prime-time and daytime programming on the network.
Across the media sector, companies are bracing for a difficult period as marketers look to cut their advertising spending amid a challenging economic climate.
Paramount Advertising, which handles ad sales for CBS and other parts of the company, is also reducing its headcount.
The unit let go about 85 employees, Wall Street Journal reported citing people familiar with the situation.
Price Action: PARA shares are down 1.05% at $17.95 premarket on the last check Thursday.