CBS Cutting Jobs

CBS (CBS) 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) and has struggled to find an adequate replacement.

More from Stocks

Dow Rises as Blue-Chip Index Looks to End Losing Streak

Dow Rises as Blue-Chip Index Looks to End Losing Streak

3 Ways to Fix Starbucks Biggest Challenges

3 Ways to Fix Starbucks Biggest Challenges

General Electric's Boot From the Dow: Is This as Bad as It Can Get?

General Electric's Boot From the Dow: Is This as Bad as It Can Get?

News From Starbucks and General Electric Leaves Their Investors Up in Arms

News From Starbucks and General Electric Leaves Their Investors Up in Arms

Facebook Messenger Could Bring in Billions of Dollars -- Here's How

Facebook Messenger Could Bring in Billions of Dollars -- Here's How