After quietly shuttering the CBS Internet Group once it acquired CBS a few years ago, Viacom Inc. has created CBS Digital Media, to be headed by MarketWatch creator Larry Kramer.
(The Hollywood Reporter) -- After quietly shuttering the CBS Internet Group once it acquired CBS a few years ago, Viacom Inc. has created CBS Digital Media, to be headed by MarketWatch creator Larry Kramer.
The news, announced March 31, comes as Viacom has emphasized that it wants to increase revenue from Internet businesses and other operations tied to new technologies.
CBS Digital Media will oversee those Viacom Internet sites under the purview of Leslie Moonves, the conglomerate's co-president/co-COO, as well as the CBS chairman. Those sites are SportsLine.com, CBS.com, UPN.com and CBSNews.com; not inclued are the Internet assets of VH1, MTV and Nickelodeon, which are controlled by Moonves' counterpart, Tom Freston.
Kramer conceived the idea of MarketWatch while working for Data Broadcasting and launched it as a joint venture of DBC and CBS in 1997. It enjoyed an enthusiastic welcome on Wall Street when it went public near the height of the Internet boom two years later.
Kramer's task as president of CBS DM is to work closely with such executives as CBS Paramount Network Television Group president Nancy Tellem, CBS Sports president Sean McManus, CBS News president Andrew Heyward and CBS Network Sales president JoAnn Ross in developing online content and advertisers. Kramer reports to Moonves.
With a resurgence in online advertising after some years of decline, CBS executives think it's an appropriate time to again gather the Web sites -- that together boast 20 million unique users -- into one group, Kramer said.
There are no plans for a spinoff of the unit he will begin heading May 1, Kramer said, nor will there be layoffs. "Quite the opposite," he said. "We'll be investing in the business."