NEW YORK, Jan. 10 /PRNewswire-FirstCall/ -- CBS Corporation (NYSE: CBS
and CBS.A) today announced that it has completed the previously announced
sale of its television stations in four markets to Four Points Media Group,
LLC, an affiliate of Cerberus Capital Management, L.P., for $185 million in
cash.
In so doing, the Company has now completed all of its previously
announced local TV station and radio station divestitures. In sum, the
Company has sold 39 radio stations in 10 markets and 11 TV stations in
seven markets for a total of $922 million since December 2006. The Company
now owns 29 television stations and 140 radio stations.
About CBS Corporation
CBS Corporation is a mass media company with constituent parts that
reach back to the beginnings of the broadcast industry, as well as newer
businesses that operate on the leading edge of the media industry. The
Company, through its many and varied operations, combines broad reach with
well-positioned local businesses, all of which provide it with an extensive
distribution network by which it serves audiences and advertisers in all 50
states and key international markets. It has operations in virtually every
field of media and entertainment, including broadcast television (CBS and
The CW -- a joint venture between CBS Corporation and Warner Bros.
Entertainment), cable television (Showtime and CSTV Networks), local
television (CBS Television Stations), television production and syndication
(CBS Paramount Network Television and CBS Television Distribution), radio
(CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing
(Simon & Schuster), interactive media (CBS Interactive), music (CBS
Records), licensing and merchandising (CBS Consumer Products), video/DVD
(CBS Home Entertainment), in-store media (CBS Outernet) and motion pictures
(CBS Films). For more information, log on to http://www.cbscorporation.com.
SOURCE CBS Corporation
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Related links:
http://www.cbscorporation.com
http://www.prnewswire.com/comp/185007.html /
CONTACT:
Dana McClintock of CBS Corporation,
+1-212-975-1077, dlmcclintock@cbs.com
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