FIGURES IN THE EYE GIVE THE OK TO WESTINGHOUSE SALE
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).