Since being spun off from Viacom (VIA-B) about a year ago, CBS (CBS) hasn't had a feature film division. They made a move toward changing that through hiring former Paramount Pictures executive Bruce Tobey as the chief operating officer of CBS Feature Films.
His duties will be creating the division and then eventually having responsibility for finance, legal and business affairs of the new division. At this time the company has yet to hire a CEO for the business.
"I can't think of a better first step in kick-starting CBS Feature Films than by bringing Bruce on board," CBS Chief Executive Les Moonves said in a statement. "His significant operational experience and sophisticated understanding of the entire movie industry will make him instrumental in getting this enterprise started."
CBS is going the route several companies, such as Disney (DIS) have been going by wanting to focus on producing a smaller amount of lower budgeted films, rather than trying to hit the big home run. They said that they will focus on producing between four to six movies a year.
Eventually they could be shown on the CBS network or Showtime cable channel as well.
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