Impatient with the progress it is making in developing its online businesses, CBS announced Sunday that it has hired former Allen & Co. exec Quincy Smith to oversee its interactive strategy. He will replace MarketWatch founder Larry Kramer, who will remain with the company as a consultant. Smith reportedly has been charged not only with extending the company's current online operations but also with seeking out entrepreneurs and looking for potentially lucrative startups in which to invest. However, in an interview with today's (Monday) New York Times, CBS CEO Les Moonves said that the company has no intention of making costly acquisition. "We are not going to spend $1.6 billion on YouTube. We are looking for the next YouTube and Quincy knows all the players."




06/11/2006