The Wall Street Journal: Two top CBS execs ousted amid Paramount’s broader restructuring

by | Nov 16, 2022 | Stock Market

The top two entertainment executives at CBS are leaving as part of a broader restructuring at the network and its parent company, Paramount Global. CBS’s head of entertainment, Kelly Kahl, and his top lieutenant, Thom Sherman, will leave their posts at the end of the year, the company said.

Amy Reisenbach, an executive vice president at CBS Entertainment, will assume Kahl’s position. Reisenbach is a CBS veteran of nearly 20 years and most recently had oversight of all current prime time and daytime programming on the network. On an earnings call this month, Paramount
PARA,
-6.69%
 Chief Executive Bob Bakish and Chief Financial Officer Naveen Chopra suggested that substantial cost cuts were coming. “I’m not going to put any specific numbers on those cost savings, but I would say that these are meaningful and sizable,” Chopra told investors. The decision to push out Kahl and Sherman caught many CBS executives by surprise, people at the network said. While all broadcast television viewing is in decline, CBS has consistently performed better than its peers in the ratings and is the most watched network in prime time. An expanded version of this report appears on WSJ.com. Also popular on WSJ.com: BlockFi prepares for potential bankruptcy as crypto contagion spreads. Yale and Harvard law schools abandon U.S. News rankings.

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