CBS Appoints Banker to Head Digital Division

07 November 2006

NEW YORK: Media company CBS has named Silicon Valley banker and internet deal maker Quincy Smith as the president of a newly created interactive division.

Smith will be tasked with helping the broadcaster forge a unified digital plan across its television, radio and outdoor advertising divisions.

It is the second time in as many months that one of the two media groups controlled by veteran billionaire Sumner Redstone - Viacom being the other - has shuffled its executive suite to speed up the transition to digital media.

In September Viacom ceo Tom Freston was ousted by the board, apparently for failing to move swiftly enough.

The executive on his way out this time is CBS Digital president Larry Kramer, who will step down from his role but remain as an advisor in the short-term.

Smith's appointment is viewed as an open call to young start-ups to come knocking on CBS's doors. He says: "I want to make sure that this is an appeal to every entrepreneur of every company size."

Data sourced from Financial Times online; additional content by WARC staff