- 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 (NASDAQ: 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.
The US Economy On A Tightrope With Continuing Bank Crisis, Company Bankruptcies: More Economic Updates Coming Next Week From Government
The S&P 500 logged a weekly gain following the release of encouraging inflation data and a weaker-than-expected first-quarter economic growth report.
