CBS CBS Corp

By Benjamin Mullin 

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (November 5, 2019).

Jim Lanzone, the head of CBS Corp.'s Interactive unit and the architect of the broadcaster's video streaming strategy, is leaving CBS as it prepares to merge with sister company Viacom Inc.

Mr. Lanzone will be succeeded as chief executive of CBS Interactive by Marc DeBevoise, the president and chief operating officer of the unit. Mr. Lanzone will stay at CBS until the end of the year, after which he will join venture-capital firm Benchmark Capital as executive-in-residence.

CBS Interactive, which Mr. Lanzone joined in 2011, encompasses much of the company's digital operations, including the video streaming service CBS All Access, the streaming news channel CBSN and portfolio of websites including CBSSports.com and CNET. The unit's digital properties drew 190 million unique views in September, according to Comscore, making it one of the largest internet brands in the U.S.

Mr. Lanzone's departure comes as Viacom and CBS are in the process of combining their operations for the merger, which is expected to close later this year. Wall Street hasn't reacted well to the merger, with Viacom and CBS shares down more than 20% since the August announcement.

Viacom and CBS have yet to articulate a direct-to-consumer video streaming strategy that encompasses the combined company's TV and digital properties, which will be vying for online viewers alongside rivals that are launching their own expensive streaming services. Last week, Bloomberg News reported that AT&T Inc.'s WarnerMedia purchased the rights to South Park, one of the longest-running shows on Viacom's Comedy Central channel, for between $450 million and $500 million.

Write to Benjamin Mullin at Benjamin.Mullin@wsj.com

(END) Dow Jones Newswires

November 05, 2019 02:47 ET (07:47 GMT)

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