CBS Names Jeff Fager Chairman of News Division

CBS Corp. promoted Jeff Fager, the executive producer of “60 Minutes,” to the newly created position of chairman of CBS News.

Sean McManus, who served as president of CBS News and Sports since 2005, has been named chairman of CBS Sports, New York-based CBS said today in a statement.

CBS is making management changes as the network seeks to cut costs and lift ratings for its “CBS Evening News With Katie Couric,” which trails both Comcast Corp.’s NBC and Walt Disney Co.’s ABC. David Rhodes, who led Bloomberg TV’s U.S. operations, was named president of CBS News, the network said. “60 Minutes” ranks as one of the only news series among the most- watched shows in prime-time, according to Nielsen.

CBS, controlled by Chairman Sumner Redstone, gained 3 cents to $20.86 at 12:28 p.m. in New York Stock Exchange composite trading. The shares had gained 9 percent this year before today.

To contact the reporter on this story: Andy Fixmer in Los Angeles at afixmer@bloomberg.net

To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net