John Eggerton and Jim Benson of Broadcasting & Cable report that CBS has hired former Paramount executive Bruce Tobey as Chief Operating Officer of their feature film start-up, CBS Feature Films. Since Viacom (parent of Paramount Pictures) and CBS split over a year ago, CBS has been looking to grow into areas where it will compete against Viacom, and of course, Disney. Sumner Redstone is Chairman of both Viacom and CBS.
CBS Corp. head Les Moonves told investors earlier this week that hires were imminent for the new theatrical film division, which will produce and distribute four to six theatrical films per year in the $10 million-$40 million range.
Late last year, CBS announced it was reviving the CBS Records label, as an online music business. The label had been swallowed up in the Sony music conglomerate. Previously, Viacom’s extensive consolidation made it a formidable competitor to The Walt Disney Company. The split of Viacom and CBS is turning out to create more competition for Disney’s businesses. The theme parks were sold to Cedar Fair.