CBS: "Also, we are not going to merge with AOL and bleed ourselves dry."

CBS forms a new division, CBS Interactive, headed by star dealmaker Quincy Smith. Smith was involved in Viacom buying Neopets, CNet buying Webshots, and several Google deals. He reports directly to CBS chief Les Moonves.

Says Moonves: "We are not going to spend $1.6 billion on YouTube." Good idea, Les, since someone already did that.

CBS Appoints Digital Overseer to Integrate Its Digital Efforts [NY Times]