Media/Entertainment
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CBS (CBS - Cramer's Take - Stockpickr) laid off 115 people at its struggling radio unit Wednesday, according to news reports. The Wall Street Journal, citing people familiar with the matter, said the cuts amount to 1% of the radio operation's workforce. Reuters said CBS was "cutting an unspecified number of jobs at its radio stations in the United States." The news comes as the company moves to cut costs at CBS Radio, whose name was changed from Infinity Broadcasting last year. CBS has been hit hard by the defection of Howard Stern to Sirius (SIRI - Cramer's Take - Stockpickr) and has struggled to find an adequate replacement.
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