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FIGURES IN THE EYE GIVE THE OK TO WESTINGHOUSE SALE
Published November 17, 1995
CBS Inc. stockholders voted two-to-one yesterday to sell the broadcasting company to Westinghouse Electric Corp. for $5.4B. Under terms of the deal, Westinghouse will acquire all of the outstanding shares of CBS for $81 a share in cash. At the meeting, several shareholders criticized CBS Chair Laurence Tisch for his management of the network. Tisch defended his record saying "he regretted not one of his deals he did during" his eight years of running the company (Michael Connor, REUTERS/DAILY VARIETY, 11/17). Tisch added selling CBS' magazine division was the "right thing to do." Tisch: "Why magazines have become so important when they're such a terrible business, I'll never understand." The Westinghouse deal still needs FCC approval before it is finalized (WALL STREET JOURNAL, 11/17).