In its continuing quest to attain profitability, CBS is taking day-to-day control of its college sports media subsidiary CSTV, The New York Times reported Friday.
Being tapped to run CSTV is CBS Sports executive vice president Tony Pettiti. He replaces co-founder Brian Bedol, who is exiting the company, the newspaper reported. Pettiti reports to Sean McManus, president of CBS News and Sports.
CBS bought CSTV in 2005 for $325 million and will now integrate its sales, marketing, public relations and Internet operations with those of CBS Sports.
“We’ve doubled our subscribers, revenue is up, but it’s still not a profitable operation, but we didn’t intend that until Year 3,” CBS president and CEO Leslie Moonves told the Times' Richard Sandomir. “They’ve done a good job, and we’re happy with the acquisition. Brian knew we wanted this, and it became a question of the right time.”



