PANIC AS CBS NEWS GOES INTO TAILSPIN!

Fears heads will roll if network is sold

STRUGGLING CBS News is about to get an extreme from mak owners after tumbling from the glory days of legendary newscasters like Edward R. Murrow and Walter Cronkite to an also-ran in the broadcast network ratings, predict industry sources.

The failure of costly talent to attract eyeballs, poor reviews and the division's constant position as the third horse in a three-horse race behind ABC and NBC news shows could lead to a bloodbath at the once-vaunted Tiffany network.

The FCC has been reviewing a request from Skydance Productions to purchase, "strengthen and revitalize" CBS -and our sources say that means sweeping changes in the news division.