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Reply #78: CBS Corporation Sold Local TV Stations in Four Markets to Cerberus Capital Management [View All]

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Emit Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-09-07 07:20 PM
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78. CBS Corporation Sold Local TV Stations in Four Markets to Cerberus Capital Management
Edited on Fri Mar-09-07 07:27 PM by Emit
CBS Corporation to Sell Local TV Stations in Four Markets to Cerberus Capital Management, L.P.

Divestiture Includes Stations in Austin, Salt Lake City, Providence and West Palm Beach

Last Update: 2:43 PM ET Feb 7, 2007

NEW YORK, Feb 07, 2007 /PRNewswire-FirstCall via COMTEX

CBS announced today it has entered into a definitive agreement to sell seven of its owned television stations to Cerberus Capital Management, L.P. for $185 million. The sale includes stations in Austin, Salt Lake City, Providence and West Palm Beach, and is subject to FCC approval and other customary closing conditions. Cerberus worked with TV veteran Dick Reingold on the transaction, and Cerberus was advised by CobbCorp, LLC and Wachovia Capital Markets, LLC.
Stations included in the agreement (and their network affiliations) are:

- KEYE-TV, Austin, Texas (CBS);
- KUTV (TV), Salt Lake City, Utah (CBS) and its satellite station
KUSG(TV), St. George, Utah;
- WLWC (TV), Providence, Rhode Island (The CW);
- WTVX(TV), West Palm Beach, Florida (The CW); and two Low Power Stations
in the West Palm Beach DMA, WTCN-CA (MyNetwork TV) and WWHB-CA (TV
Azteca).


The CBS Television Stations group currently consists of 39 stations, including 21 CBS, 11 The CW, three MyNetworkTV and four stations not affiliated with major networks.
http://www.marketwatch.com/news/story/cbs-corporation-s...

Edited to add Cerberus' comments:
Cerberus was vague about its future plans for the stations. "We believe in the viability of local TV and believe it makes good investment sense," said Peter Duda, a spokesman for Cerberus.
From mediaweek.com, February 7, 2007

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