Exec May Leave CBS to Head New Interactive Firm : Telecom: Sources say Howard Stringer could ask to be let out of his contract as president of the CBS Broadcast Group.

CBS Broadcast Group President Howard Stringer may leave the network to head a new interactive entertainment venture being formed by three regional telephone companies, sources said Friday.

Stringer, 52, is the leading contender to head the new company. Sources said that once details of the offer are hammered out, he may go to CBS Inc. Chairman Laurence Tisch to ask to be let out of his contract, which has two more years to run.

The trade paper Variety reported Friday that Tisch already has agreed to let Stringer go. But sources said the two executives have not yet held such a discussion, because the offer to Stringer from the Baby Bells has not been firmly negotiated.

Both CBS executives declined comment on Friday.

Pacific Telesis Group, Bell Atlantic Corp. and Nynex Corp. plan to invest $100 million each to form a company that would generate interactive programming and a separate firm that would develop technology. Michael S. Ovitz, chairman of Creative Artists Agency, is a consultant to the Baby Bells.

Stringer has told several associates that he is excited by the possibilities of the new venture, though some sources said that they thought he felt some ambivalence about leaving CBS, where he has worked for his entire career in broadcasting.

Still, uncertainty about CBS’ future--and his own role in it--have prompted Stringer’s interest in other offers. Industry observers say Ted Turner is eyeing CBS now that his talks with NBC have fallen through, and there is speculation that Barry Diller might make a new run at the network.

“With CBS possibly making changes that could affect his role before his contract is up, Howard would be wise to consider such an offer--and it’s an exciting one,” one source said.

In addition to the Baby Bells, other companies--including Time Warner Inc. and the Walt Disney Co.--also are said to have expressed interest in Stringer.

It might create problems within CBS if Tisch agrees to let Stringer out of his contract since he did not free CBS Executive Vice President Peter Lund to accept an offer last year to head the Fox Network. But in this instance, the case could be made that Stringer would not be going to work for a direct competitor.

*

Times staff writer James Bates in Los Angeles contributed to this story.