KICKED WHILE IT'S DOWN

CBS SUFFERS ANOTHER BLOW AS A TOP EXECUTIVE LEAVES TO HELP THREE BABY BELLS GET INTO THE TV BUSINESS

At least one person at CBS has been having a good time lately. He's David Letterman, the late-night host who came to the network in August 1993 with only one regret: in leaving his past employer, No. 3-rated NBC, he was giving up the best butt of a joke a comedian could ask for. So as CBS's fortunes have fallen precipitously in recent months, Letterman's wisecracks have grown sharper. Last Thursday he talked about the woman in France who celebrated her 120th birthday. She's so old, Letterman cracked, "she can remember when CBS was No. 1."

But the biggest piece of...

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