CBS STOCK REBOUNDS AFTER TAKEOVER REPORT
Published May 1, 1995
CBS, Inc. stock "jumped" on Friday after reports that CBS Chair & CEO Laurance Tisch was negotiating to sell his stake in the company to Westinghouse Electric. CBS closed up 3 1/4 at 64 3/4 on the NYSE. CNBC commentator Dan Dorfman had reported that Westinghouse would offer about $80 a share for CBS stock. Rob Morrow, a Westinghouse spokesperson, said the company "doesn't speculate on rumors or speculation" (N.Y. POST, 4/29). NO CHANGE AT FOX? ELECTRONIC MEDIA is reporting that the FCC is all but "scrapping a plan to make Fox restructure and instead may give Rupert Murdoch a foreign ownership waver" (AD AGE/ELECTRONIC MEDIA, 5/1 issue).