The CBS Broadcast group -- which spends and earns about $4 billion annually -- is undergoing a "bottom up" review that will be completed by the end of the month . . .

Soon thereafter, the group, which has some 8,000 employes and has already undergone major cost-cutting actions in the past couple of years, is expected to face further staff reductions and some reorganization as CBS seeks innovative new sales and cost-paring strategies . . .

A broadcast group committee composed of Executive Vice Presidents Neal Pilson, Van Gordon Sauter and Tom Leahy, plus Tim Reynolds, vice president and chief financial officer, has been working for months on the review . . .

In mid-May, group President Gene Jankowski sent a memo to "the CBS organization" about problems facing the company and outlining in general terms the goals of the committee . . .

But CBS, chary of press speculation since Ted Turner's abortive but costly takeover attempt and the subsequent purchase of 17 percent of CBS stock by financier Laurence A. Tisch, chairman of Loew's Corp., has been reluctant to discuss the coming shake-up in public . . .

Friday, Jankowski chose a meeting with the TV press here, during a discussion of network programming costs, to volunteer word of the review . . .

He called it "an almost zero-based budgeting operation from the ground up with all of our divisions, challenging them to be creative in looking at their industry and their responsibilities in a new light" . . .

"What we are doing is taking a look at all those things that we should change in terms of what we've been doing historically that we perhaps no longer need to do" . . .

Privately, executives suggested the CBS News division, which has already borne a couple of big staff reductions, "probably" won't be affected too much this time around . . .

On a Happier Note

CBS Entertainment executives here last week seemed most taken with two of their new situation comedies (comedy has been a weak spot at CBS in recent years) . . . "Together We Stand" and "Designing Women," as well as a medical series called "Kay O'Brien, Surgeon" . . .

"Together," which will anchor the Wednesday night schedule at 8, stars Elliott Gould and Dee Wallace Stone as parents of two children who also adopt a Vietnamese orphan and a black girl he has befriended in an orphanage . . .

The children are likable enough but the pilot, at least, had that self-congratulatory air (Hey, aren't Mom and Dad just swell for adopting those children?) that too often cloys such Hollywood productions . . .

"Designing Women" is something else. Slotted at 9:30 p.m. Mondays to bolster the female audience against ABC's "Monday Night Football," it reflects what one CBS executive said was "how women really talk" . . .

The four women, who work as interior designers in Atlanta, are considerably younger than NBC's "Golden Girls" . . .

Which probably explains the preoccupation in the pilot with the gynecologist who was married to one and suddenly dates another of the foursome . . .

When the gynecology jokes started, Captain Airwaves thought for a minute CBS Entertainment had it all wrong -- the show actually reflected how men really thought . . .

Although his hair didn't stand on end, it did curl attractively before the program was over. If standards and practices at CBS continue to snooze next fall, this could be a surprise CBS hit, perhaps even before "Monday Night Football" has run its course . . .

Otherwise, CBS will be relying on a revitalized "Dallas" and a rescheduled "Magnum, P.I." and "Knots Landing" for help in 1986-87.

Tom Selleck (i.e., Thomas Magnum) will "cross over" with both Angela Lansbury on "Murder, She Wrote" and Edward Woodward on "The Equalizer" to help them both solve crimes this season . . . Details of what amount to two-hour scripts have not been revealed but apparently Magnum's Hawaii location figures in both . . .

"Magnum" will be seen this fall at 9 p.m. Wednesday up against ABC's "Dynasty" . . . "Knots Landing" moves to 9 on Thursdays against ABC's "The Colbys" . . . to be a lead-in for the other CBS hopeful, "Kay O'Brien, Surgeon" . . .

In the pilot viewed here, Kayo, as she's called, was -- despite the wretched tricks pulled on her by the wretched male doctors -- almost too perfect. She not only never lost a patient, she sat in with a band and played a very decent sorority house piano, which won an ovation from a cafe' audience (Kayo won't be playing the piano anymore, CBS has promised) . . . In fact, Kayo probably has a chance on Thursdays, against "20/20" and "St. Elsewhere," which has been nowhere for some time on NBC . . .

CBS Entertainment already has six primetime series waiting in the wings as midseason replacements . . .

Nobody out here would get very specific about the future of the "CBS Morning News," although executives confirmed a name change is being considered, the broadcast will somehow be "regionalized" and they'll "expand the information base" (Captain Airwaves' hairdo went full flat again at those revelations) . . .

CBS News Executive Vice President Howard Stringer was asked if he wanted to keep Bill Moyers, who has hinted publicly he'll leave the network when his contract expires in November . . .

"Oh, absolutely," said Stringer. "I'm a great Bill Moyers fan. The old salesmanship active negotiations will begin soon. His heart is in CBS. He's part of that CBS tradition. There are a lot of ghosts in those halls. It's hard to leave CBS" . . .

Stringer said Moyers is busy with three documentaries: "The 51st State," about Mexico; an interview with U.S. Chief Justice Warren Burger; and an "Our Town" kind of look at Atlantic City . . . And Finally

Our favorite question heard so far on this tour, asked of CBS Entertainment boss Bud Grant and his top programmer, Kim LeMasters . . . "Is it getting harder to come up with something different every year?" . . .

Our favorite answer so far this tour: Bud Grant's "Yes" . . .

This was during the same press conference in which Grant announced that a one-hour version of "The Price Is Right" will air at 8 p.m. Thursday during the last six weeks of the summer broadcast season . . . against reruns of You Know Who on NBC.