(FORTUNE Magazine) – The recent executive changes at CBS and NBC signaled the beginning, not the end, of tumult at the networks. Pugnacious Mel Karmazin shoved CBS CEO Michael Jordan into early retirement, just days after NBC sent wunderkind Scott Sassa west to run its programming unit. For now, top-rated NBC is in far better shape, but both networks are being squeezed by ratings declines and rising costs for sports, programming, and news talent. And unlike Fox and ABC, CBS and GE-owned NBC aren't owned by studios, so they have to go it alone in Hollywood.

Karmazin and Sassa, both outsiders, have to remake their businesses by finding new talent outside the studios and by slashing costs. Meanwhile, both networks are seeking partners or buyers--NBC loudly, and CBS more discreetly. Trouble is, Time Warner and Viacom are too smart to buy either, Sony and Seagram are barred from owning TV stations, and Barry Diller's busy fixing USA Networks. Interested? Call Karmazin or Jack Welch; you can bet operators are standing by.

--Marc Gunther