CBS News has decided to spin off its content business into a new entity.

    The company said in a statement Tuesday that the move was made after its chief operating officer, Joe Bastian, resigned.

    “We are pleased to announce that Joe Bastians decision to step down from his role as chief operating and operating officer of CBS News is final and no further action is needed,” CBS said.

    “Joe’s departure from CBS News was a natural step as we move forward.

    As he leaves the company, he will no longer serve as a strategic advisor and will focus his energy on CBS News and its business.”

    A CBS spokesperson said the company had no comment on the move.

    The CBS News unit has been the subject of scrutiny over its decision to take on a $15.3 billion debt obligation and a $2.4 billion acquisition of Tribune Media.

    The merger, announced last year, required a special approval from the Federal Communications Commission, which had ruled the merger was not possible without FCC approval.

    A number of news organizations, including the Associated Press and CNN, sued the FCC for failing to provide a full public accounting of the transaction.

    The FCC has not publicly released its financial statements, but CBS said the deal would have a $1.4-billion net effect on the news organization.


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