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WELL, WE'RE WAITING ... NO BID YET OUT OF WESTINGHOUSE
Published July 27, 1995
The Board of Westinghouse Electric Corp. ended their meeting Wednesday without an announcement on a possible takeover bid of CBS Inc., according to REUTERS. However, one sources close to the situation said a bid could happen by Friday (Sue Zeidler, REUTERS/DAILY VARIETY, 7/27). The L.A. TIMES' Bates & Hofmeister examine Westinghouse's motivation for making a play at CBS: "The idea is to bulk up the area of greatest profitability and stability in the television business, which is station ownership, and perhaps bring in a minority strategic partner after an acquisition is complete that can make investments in programming necessary to revive the network." Mentioned as possible investors: Turner, Seagram's MCA, Sony and Disney, with Sony perhaps the "most willing" since foreign ownership rules would dictate a minority share (L.A. TIMES, 7/27). The N.Y. POST's John Durie writes that CBS Chair Laurence Tisch stands to gain $1.03B in profit from the deal, which could have been more if CBS had diversified into cable or other forms of multimedia (N.Y. POST, 7/27). STOCK WATCH: Westinghouse was up 1/4 to 13 7/8. CBS closed at 75 1/4, down 3/8. OTHER NETWORK NEWS: The FCC is expected to approve tomorrow an exemption for Rupert Murdoch's News Corp. from foreign ownership restrictions, formally ending the two-year legal battle over Fox's TV stations (N.Y. TIMES, 7/27)...NBC "may seek a stake" in either Hong Kong-based Television Broadcasts Ltd. or its largest shareholder, Shaw Brothers Ltd, which holds 23.5% of TVB (WALL STREET JOURNAL, 7/27).