CBS Entertainment Head To Exit As Parent Company Cuts Costs

CBS Entertainment Head To Exit As Parent Company Cuts Costs
  • 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.

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