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BROADCAST NEWS: WESTINGHOUSE BUYS AMERICAN RADIO FOR $1.6B
Published September 22, 1997
Westinghouse Electric Corp. agreed to buy American Radio Systems Corp. for $1.6B, plus the assumption of $1B in debt, according to Aeppel & Bulkeley of the WALL STREET JOURNAL. The move adds 98 stations to Westinghouse, giving it a total of 175 stations (WALL STREET JOURNAL, 9/22). ONE EYE OPEN: In N.Y., Jon Elsen wrote "the race is on to eventually succeed Michael Jordan" as CBS Chair, with CBS Station Group Chair Mel Karmazin and CBS TV Chair Les Moonves potential successors (N.Y. POST, 9/22). Elsen profiled Jordan in Sunday's N.Y. POST and wrote, "While CBS is not for sale, many think it would be an attractive target." Elsen: "Some think Microsoft or others might back Barry Diller in an acquisition of CBS (N.Y. POST, 9/21).