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Monday, Apr 22, 2024

CBS layoffs signal a financial squeeze on TV stations

When veteran Los Angeles news anchors Harold Greene and Ann Martin were felled by a round of jobs cuts last week, they were in good company. At least 160 employees at CBS Corp.-owned television stations in 13 cities were let go, including such seasoned broadcasters as prominent Chicago anchor Diann Burns, renowned Boston sportscaster Bob Lobel and longtime Minneapolis meteorologist Paul Douglas. The jettisoning of such experienced on-air talent exposed the weakening of the once-robust local station business, which historically has enjoyed some of the fattest profit margins in the media industry. It marked a dramatic shift from the days when television stations paid top dollar to attract big-name anchors such as Greene and Martin, who have been TV mainstays in Los Angeles for three decades. For the full story visit http://www.latimes.com/business/la-fi-stations9apr09,0,4642747.story

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