New CBS CFO Plans More Cost Reductions
June 23, 2009 at 5:08 AM (PT)
CBS CORP.’s newly appointed CFO JOSEPH IANNIELLO (NET NEWS 6/22) said he plans to reduce costs and avoid acquisitions as advertising sales slump, reports BLOOMBERG.COM. "IANNIELLO, who replaces retiring executive FRED REYNOLDS next month, said in an interview TODAY that he will scrutinize all expenses, including contracts, leases and capital spending, amid a 'difficult revenue environment'."
"The only thing you can control as a company, when your top line is revenue and those sales aren’t there, is how can you run your business," said IANNIELLO. There is no merger or acquisition on the horizon for the television broadcaster because any deal would have to meet a "very, very, very high hurdle."
"Obviously, we’re waiting for the ad market to turn," CBS CEO LESLIE MOONVES said in a separate interview. "We’re seeing some light at the end of the tunnel," he said, declining to predict when the ad market may recover.
"IANNIELLO will be tasked with finding better ways to manage the company, and continuing to sell radio stations and rebuild content assets, MOONVES said. He is the right fit for the job because he’s young, energetic, knows all of the divisions and is "very, very competitive," the CEO said.
"MOONVES said he doesn’t expect any major move to fire more employees, adding that the bulk of CBS’s workforce reduction is already complete.
"I’m not declaring victory on the recession, but certainly the worst of it is behind us the best we can tell," REYNOLDS said.