Steve LoCascio Retiring As President Of CBS Media Ventures Amid Restructuring That Combines Division With CBS News & Stations Under Wendy McMahon

Nellie Andreeva
·5 min read
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CBS Media Ventures President Steve LoCascio is retiring after 34 years at the company and its previous iterations as the division will become part of the portfolio of Wendy McMahon, named this morning as President and CEO of CBS News and Stations and CBS Media Ventures.

The consolidation is not surprising. LoCascio’s departure comes amid a seismic changes in the syndication business marked by a major contraction in first-run syndication, primarily in the talk shoe arena. CBS Media Ventures and CBS TV Distribution’s top shows, Judge Judy, Dr. Phil and Rachael Ray, all ended their long runs in the last few years. Judge Judy has charted a new path, with its reruns remaining a ratings leader.

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CBS Media Ventures’ roster includes legacy series Jeopardy!, Wheel Of Fortune, Entertainment Tonight as well as newer entries Hot Bench and The Drew Barrymore Show.

LoCascio started as controller of King World in 1989 where he worked on Oprah before the company was acquired by CBS.

Here are the memos LoCascio and George Cheeks, President & CEO, CBS Entertainment & Chief Content Officer, News & Sports, Paramount+, put out internally about the departure:

Dear team …

As many of you know, I have been contemplating retirement for quite some time. After 34 years and many different iterations of this company (and many bosses), I have decided to pull the trigger and will be retiring.

If you had asked me when I started as controller of King World in 1989 what would the television business look like 30-plus years from then, I would never have guessed that WHEEL OF FORTUNE and JEOPARDY! would be the top two most-watched series on broadcast television (or that we’d even have to specify broadcast television) or that Oprah would have retired before me, and we’d find a new generational daytime voice in Drew Barrymore, whom the LA Times dubbed the “millennial Oprah.”

While I’m looking forward to having more time for retirement activities like traveling with my wife and perfecting my golf game, it was a tough decision to leave because of all of you.

I am incredibly proud of this team and everything our division has accomplished over the years. The creativity and innovation that has come out of this team is second to none. Notably, we launched THE DREW BARRYMORE SHOW during a global pandemic, then pivoted with a successful genre-busting format change last year, which led to huge ratings success and critical praise. We created a diginet, Dabl, from the ground up, drawing on everyone’s specialized talent in this division. And we continuously find ways to keep our legacy shows like ENTERTAINMENT TONIGHT, INSIDE EDITION, HOT BENCH, WHEEL OF FORTUNE and JEOPARDY! relevant, strong and profitable.

While DR. PHIL and RACHAEL RAY retired from our lineup this year, this team should feel great about the fact that CBS Media Ventures is still the largest, most successful first-run syndicator in the business with six of the top eight shows. Next year, programs like HOT BENCH and THE DREW BARRYMORE SHOW will see significant upgrades, and we are bullish on several projects we are actively developing for 2024.

I’ve spoken with George at length about the future of this division, and he and the company remain committed to the first-run syndication business you have all been integral in building. You’ll be hearing more from George soon about the new leadership structure of CMV.

In the meantime, I am not going anywhere immediately (except to Italy on vacation!), and will be available to assist during the transition. I’ve had a fantastic career at King World/CBS/Paramount where I am thankful to say not only did I encounter great colleagues, but also great friends. I want to thank the late Roger King for giving me this opportunity; Armando Nunez for his friendship and guidance over our many years together; and most recently George Cheeks for his support over the past three-plus years.

It has been an honor and a privilege leading this great team. Thank you to all at CMV for being part of my journey.

Steve

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CBS Media Ventures Team – I know you heard from Steve this morning about his decision to retire from CBS, capping an impressive 30-plus year career with the #1 first-run syndication group in the business.

I am truly grateful to Steve for his steady leadership of CMV through what’s fair to call a period of rapid transition. From successfully launching newer hits like DREW to skillfully nurturing long-running franchises such as ENTERTAINMENT TONIGHT, INSIDE EDITION and DR. PHIL, Steve has been a steward of a business that touches the lives of viewers every day and drives significant revenue for our company.

A career that played a meaningful role in iconic series such as Oprah, JUDGE JUDY, WHEEL and JEOPARDY! is truly one to be celebrated. But, even more important is the way Steve did it. He has been a kind, empathetic leader and a smart businessman who rightfully earned the admiration and respect of his team, his bosses and all the stakeholders that CMV services.

On a personal note, Steve has been a valuable and trusted partner to me during my onboarding three-plus years ago and the time that followed.

Please know that we are firmly committed to our valuable syndication business. I’ll have more information for you very soon about new leadership at CMV. In the meantime, please join me in toasting Steve’s tremendous career at CBS and wishing him much joy in his retirement.

George

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