CBS Radio CEO resigns; Mason to step in |
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Published
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Mon, 26 Mar 2007 23:49
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NEW YORK (AP) - CBS Corp. on Monday said Joel Hollander resigned as chief executive of the Media Group's struggling radio division, and that Dan Mason, who was president of CBS Radio from 1995 to 2002, will take over as president and chief executive of the unit.Hollander had been CEO and chief operating officer since 2003.In the fourth quarter, the radio unit saw revenue slump 8 percent. CBS blamed programming changes at 27 stations and the overall decline in radio advertising.The sector has seen anemic growth in recent years as customers change listening habits, opting for prerecorded music on MP3 devices such as iPods or for commercial-free satellite radio.CBS shares fell 18 cents to $30.38 in electronic aftermarket trading after finishing the regular New York Stock Exchange session at $30.56.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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CBS Radio CEO resigns, Mason to step in 