Quincy Smith is leaving CBS in January, to start his own media advisory firm in Silicon Valley, Kara Swisher reports.
His firm’s first client will be CBS, who has signed him to a multi-year deal.
CBS digital President Neil Ashe will take over for Smith.
Back in May, Peter Kafka first reported Smith would probably be leaving CBS. The reasons:
- He came from Allen & Co. so investment banking is his thing.
- He’s a deal-maker and CBS isn’t making any more interactive deals in the near future.
- Quincy’s hero is the late Dan Case, AOL founder Steve Case’s brother and former CEO of Silicon Valley investment bank Hambrecht & Quist
- Peter also hinted that Quincy might leave because he staked CBS to a failing anti-Hulu strategy.
His new advisory firm will be working on authentication issues for CBS, which is just a fancy way of describing the TV Everywhere project networks and cable companies are working on.
Here’s the release:
QUINCY SMITH SIGNS MULTI-YEAR ADVISORY AGREEMENT WITH
CEO of CBS Interactive to Depart in January 2010 but Will Continue Working with Company on Video Content Monetization, Among Other Projects
CBS Corporation announced today that Quincy Smith, Chief Executive Officer of its CBS Interactive division, will transition to a new role with the company beginning January 2010 as he starts an independent advisory business. In this new role, Smith will advise CBS on strategies and opportunities for growth across the Company’s interactive businesses. Smith, who had led CBS Interactive since November 2006, will remain with CBS Corporation as the division’s CEO through the end of 2009. Neil Ashe will continue as President of the division.
Smith will continue to be closely involved in CBS’s initiatives related to next-generation monetization of video, including oversight of the Company’s effort to explore authentication as a new, additive method of distribution. He will also advise on partnering with technology companies to expand CBS’s interactive presence, as well as explore new growth opportunities related to content, services and applications.
“I’m very pleased to extend our relationship with Quincy, who is one of the finest minds working in Interactive media today,” said Leslie Moonves, President and CEO of CBS Corporation. “Quincy helped put CBS Interactive on the map and we are now a Top 10 presence in premium content. His entrepreneurial spirit and his passion for the business have helped this Company attract some of the most creative minds working in digital media. I know he will continue to be successful in all he’s yet to do, and we’re very happy to have Quincy working with us in this new role at CBS.”
“It’s a huge honour to count CBS as my first client,” said Smith. “In three years, this company has grown its Interactive profile immeasurably, and yet there is so much more to be done. I love CBS and its people and I look forward to working closely with them to help CBS become the premier video content company, regardless of platform or screen. I especially want to thank Leslie for his leadership and counsel, and for giving me this opportunity to continue working with CBS.”
Smith came to CBS Interactive in 2006, and in three years helped build a division that has become a top 10 property in terms of worldwide visitors and video views. CBS’s acquisition of CNET in 2008 added industry-leading Web sites like CNET.com, GameSpot, TV.com, chow.com and BNET.com to a portfolio that had already included top ranking properties like cbs.com, cbssports.com and last.fm. Today, CBS Interactive sites span nearly every category of premium content on the Web, across news, sports and entertainment.
Previously, Smith was an executive with Allen & Company, where he was involved with multiple transactions and advised companies such as Comcast, Google and CBS. Prior to Allen & Company, Smith was a Founding Partner of The Barksdale Group, a venture capital firm. Previously, Smith spent five years at Netscape where he ran Investor Relations and Corporate Development and played a role in over 20 joint ventures, investments and acquisitions including Netscape’s ultimate sale to AOL. Prior to that, Smith was an investment banker for Morgan Stanley.
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