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CBS' Lund signs off
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May 23, 1997: 10:29 a.m. ET
Network president resigns after losing control of CBS' local stations
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NEW YORK (CNNfn) -- Peter Lund, the president of the CBS television network, has resigned after control of the network's affiliates was taken away from him last week.
The network's chief executive, Michael Jordan, gave responsibilities over CBS' television stations division to Mel Karmazin as part of a company-wide reorganization.
Karmazin, head of the CBS radio group, was president of Infinity Broadcasting before the company was bought by CBS' parent, Westinghouse Electric, last year. He has no television experience.
In a statement released Friday, Jordan said that Westinghouse is going to split into separate media and industrial companies.
The new $2.2 billion media entity will be known as CBS Corp. It will be comprised of CBS Television, the CBS Station Group, which will include the company's 14 owned and operated TV stations and 77 radio stations, and CBS Cable.
The resignation of Lund, who became president in November 1995, comes just as advertisers are deciding on whether to buy time on the network's fall schedule.
The move to change leadership of CBS' stations may be the result of the fact that the affiliates have not shared in the same ratings gains as the network, which is making some progress.
Investors responded positively to news of the changes Friday. Soon after the opening bell, Westinghouse Electric stock (WX) gained 2-1/4 to 19-1/4.
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