Officials from Westinghouse and CBS are meeting this morning
"to negotiate the terms of a formal takeover offer that
Westinghouse hopes to make for CBS within the next several
weeks," according to today's N.Y. TIMES. Geraldine Fabrikant
notes that some "key issues remain unresolved," including price
and the speed at which the transfer could win FCC approval.
Westinghouse "wants to avoid a bidding war," but there is
"speculation that another bidder might emerge." Seagram's was
said to be considering swapping its 15% stake in Time Warner for
Time Warner's holdings in Turner Broadcasting (N.Y. TIMES, 7/21).
The N.Y. POST notes rumors that Ted Turner and TCI's John Malone
are said to be teaming, while Seagram's/MCA head Edgar Bronfman,
Barry Diller and Disney's Michael Eisner are also mentioned as
possible bidders (Greg Clarkin, N.Y. POST, 7/21). The FINANCIAL
TIMES reports that Westinghouse is seeking an "agreed bid" in
order to "shut out" any rival bidders (Richard Waters, FINANCIAL
TIMES, 7/21). The WALL STREET JOURNAL profiles Westinghouse CEO
Michael Jordan, whose "frustration" in reviving the company led
to a decision on a "new course" (Raju Narisetti, WALL STREET
JOURNAL, 7/21).
