Cerberus Capital Management is buying CBS-owned stations in Austin, TX, Salt Lake City, UT, Providence, RI and West Palm Beach, FL. More details…
PRESS RELEASE — CBS Corporation 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.
