The FCC approved Westinghouse Electric Corp.'s $5.4B
purchase of CBS granting Westinghouse a "large number of
permanent or temporary waivers of agency rules that limit
broadcasters' concentration." But Westinghouse may have to sell
some stations over the next year if Congress fails to pass
telecom legislation that lift ownership restrictions (WALL STREET
JOURNAL, 11/24). The waivers were "unprecedented" (N.Y. POST,
11/23). PBS' "Nightly Business Report" noted the one-year waiver
on owning stations reaching more than 25% of the U.S. will give
Congress time to pass telecom reform allowing a new 35% level.
"NBR's" Stephanie Woods noted the likelihood that reform will be
on the "back burner" until the New Year means Westinghouse might
end up seeking permanent ownership waivers or be forced to sell
stations (PBS, 11/22). CNN's Irv Chapman: "Analysts view the
CBS decision as a precedent for easy approval of Disney's ABC
acquisition. Not necessarily for the other mega deal that awaits
the government go-ahead" -- meaning Turner-Time Warner
("Moneyline," 11/22).
DILLER WHEELS AND DEALS: Barry Diller, Chair & CEO of
Silver King TV network, has agreed to acquire the controlling
stake of the Home Shopping Network from parent, TCI. In a
separate deal, Diller will purchase Savoy Pictures Entertainment,
the film company that owns four TV stations all affiliated with
the Fox TV network. Diller is "trying to build Silver King from
a small player with a handful of small stations into a major
network business, as he did with Fox in the 1980's" (N.Y. TIMES,
11/27). The L.A. BUSINESS JOURNAL reports Diller will move
Silver King from St. Petersburg, FL, to L.A. with a new HQs
operational by early '96 (L.A. BUSINESS JOURNAL, 11/13-19 issue).
WITHER TED? The future of Ted Turner is profiled in this
morning's WALL STREET JOURNAL. If the merger with Time Warner
goes through, Turner sees "some synergy, perhaps such as a news-
on-demand product" including a possible sports news channel
produced in conjunction with Sports Illustrated (Anita Sharpe,
WALL STREET JOURNAL, 11/27).
