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MEDIA MEGA-DEALS: ESTIMATES VARY ON TIMING OF CBS BID
Published July 26, 1995
Officials from Westinghouse Electric and CBS Inc. "yesterday continued to hammer out terms of a Westinghouse bid for the broadcaster, amid signs that Westinghouse may be willing to pay $81 a share, $1 more than previously expected," according to today's WALL STREET JOURNAL. The JOURNAL's Jensen & Narisetti add, "A deal could be announced as early as today" (WALL STREET JOURNAL, 7/26). But the N.Y. TIMES reports that "few expected Westinghouse to make a bid as early as today," with financing and the timing of FCC approval the key reasons for the delay (Geraldine Fabrikant, N.Y. TIMES, 7/26). The Westinghouse Board meets today with the CBS bid at the top of the agenda (DAILY VARIETY, 7/26). VIACOM SHEDS CABLE ASSETS: Viacom finally agreed to spin off its cable systems and sell them to TCI. As part of the deal, which is valued at $2.25B, TCI will assume $1.7B of Viacom's debt. Viacom Chair Sumner Redstone said the company is leaving the cable business altogether to focus on being a "content-driven media company" (L.A. TIMES, 7/26). The deal will "greatly reshape the nation's cable TV landscape, especially in the Bay Area," according to Jeff Pelline of the SAN FRANCISCO CHRONICLE. When the buyout is completed, TCI will control 90% of the Bay Area cable TV market (SAN FRANCISCO CHRONICLE, 7/26).