CBS selling stations in 4 markets
Cory Bergman February 7th, 2007
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.
3 Comments Add your own
1. Steve | February 8th, 2007 at 8:44 am
You name your company after the 3-headed dog that guards the entrance to Hades…
2. Eric | February 8th, 2007 at 12:55 pm
Could be worse. you could name it NewsCorp.
3. Former CBS TV (O&O) Interactive Employee | February 10th, 2007 at 11:44 pm
This is no surprise! Why would CBS want to keep their local TV stations; especially, since CBS has now accepted its place as a content (only) provider for Yahoo and GooTube. It’s only a matter of time before they sell the rest of their O&O’s, and accept that the personal media revolution passed them by.
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