CBS Media Ventures president Steve LoCascio is retiring after more than three decades at the company having first joined predecessor King World back in 1989. LoCascios replacement will be named at another date.
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 wed even have to specify broadcast television) or that Oprah would have retired before me, LoCascio quipped in a memo to employees. (Wheel, Jeopardy and Oprah were all originally distributed by King World, making the company one of the most successful syndicators in history, and leading to its acquisition by CBS in 1999.)
As many of you know, I have been contemplating retirement for quite some time, he added. After 34 years and many different iterations of this company (and many bosses), I have decided to pull the trigger and will be retiring.
In a follow-up note to employees, CBS president/CEO George Cheeks noted that LoCascios replacement would be revealed shortly, and he stressed that the execs departure should not be seen as a signal that the Eyes stake in the syndie game has changed. Please know that we are firmly committed to our valuable syndication business, Cheeks wrote. Ill have more information for you very soon about new leadership at CMV. In the meantime, please join me in toasting Steves tremendous career at CBS and wishing him much joy in his retirement.
In his memo, LoCascio also addressed concerns about how his departure impacts CBS syndication business: Ive 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, he wrote.
LoCascio has served as president of CBS Media Ventures (which was rebranded from CBS TV Distribution in 2021) since 2020, overseeing its day-to-day operations including first-run station and advertising sales, marketing, promotion, programming and development. The first-run syndication arm of CBS produces and/or distributes long-running series including Entertainment Tonight, Wheel of Fortune, Jeopardy! and Inside Edition, as well as relative newcomer The Drew Barrymore Show. The division also continues to distribute the libraries of Judge Judy and Dr. Phil.
LoCascio also oversees CBS Media Ventures digital subchannel Dabl. Before taking over as president, LoCascio was chief operating financial officer for CBS Global Distribution Group, overseeing business, finance, accounting, administrative and information technology. And prior to that, he was exec VP and chief financial officer of CBS Enterprises and King World Productions. King World and CBS Paramount Domestic Television merged to become CBS Television Distribution in 2006.
LoCascio first joined King World in 1989 as Controller, rising to senior VP and chief financial officer in 1995. After King World merged with CBS in 1999, LoCascio added additional responsibilities for CBS Enterprises.
Steve has been a steward of a business that touches the lives of viewers every day and drives significant revenue for our company, Cheeks said in his memo. 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.
Here is LoCascios memo:
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 wed even have to specify broadcast television) or that Oprah would have retired before me, and wed find a new generational daytime voice in Drew Barrymore, whom the LA Times dubbed the millennial Oprah.
While Im 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 everyones 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.
Ive 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. Youll 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. Ive 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
And here is Cheeks memo:
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 whats 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. Ill have more information for you very soon about new leadership at CMV. In the meantime, please join me in toasting Steves tremendous career at CBS and wishing him much joy in his retirement.
George