CBS Sells Seven TV Stations

CBS Corp. this week announced it is selling seven of its 39 TV stations in four markets to New York City-based investment firm Cerberus Capital Management LP for $185 million.
Author:
Publish date:

CBS Corp. this week announced it is selling seven of its 39 TV stations in four markets to New York City-based investment firm Cerberus Capital Management LP for $185 million.

The stations in the deal include:

• KEYE-TV, Austin, Texas (CBS)
• KUTV (TV), Salt Lake City, Utah, and its sister station KUSG (TV), St. George, Utah
• WLWC (TV), Providence, R.I., (The CW)
• WTVX (TV), West Palm Beach, Fla., (The CW) and two low-power stations in the West Palm Beach DMA, WTCN-CA (MyNetwork TV) and WWHB-CA (TV Azteca)

As a group, these stations generated roughly $70 million in revenues last year, according to BIA. Cerberus worked with TV veteran Dick Reingold on the transaction, which is subject to FCC approval.