Leslie Moonves, President and CEO of CBS, has announced that Quincy Smith will head up the newly formed CBS Interactive as its CEO.

Smith will be in charge of the company's entire interactive strategy and help guide its implementation across CBS Corporation's assorted divisions and online businesses, reporting directly to Moonves, according to a CBS press release. Moonves says the move to bring in Smith is a sign of CBS's commitment to focus on the interactive media space.

"Quincy Smith is one of the smartest, most forward thinking executives working in new media today. He's had his hand in building many of the biggest interactive companies of our time, and his knowledge of this burgeoning landscape is second to none. As we continue to grow our interactive footprint and develop new revenue streams, it's important for us to have a unified strategy and seamless communication across all of our many divisions. Quincy is the perfect person to lead that charge," Moonves said.

But the bulk of Smith's responsibility may fall in utilizing the existing CBS content, and creating media strategies across all existing platforms. "Most of my focus right now is going to be on operations and good commercial deals with existing content…. Obviously, if we find some pickup applications we're going to do that all day…if we have the chance to make more equity investments like SpotRunner, we're going to do that all day…but this is not an acknowledgement that all of the sudden CBS is going to become a deal factory," Smith told paidContent.