CBS Sells TV Stations in Four Markets
CBS announced today that it is selling seven stations in four marketsâ€”Austin, Texas; Salt Lake City, Utah; Providence, Rhode Island; and West Palm Beach, Floridaâ€” to a private equity fund for $185 million.The stations:
- KEYE in Austin, Texas (CBS)
- KUTV in Salt Lake City, Utah (CBS) and its satellite station KUSG in St. George, Utah
- WLWC in Providence, Rhode Island (CW)
- WTVX in West Palm Beach, FloridaÂ (CW) along with two low-power stations in the marketâ€”WTCN (My Network TV) and WWHB (TV Azteca).
The buyer of the stations is Cerberus Capital Management, a New York-based firm with $22 billion under management in funds and accounts.
Cerberus worked with TV veteran Dick Reingold on the transaction, and Cerberus was advised by CobbCorp LLC and Wachovia Capital Markets.
The deal is subject to FCC approval.
The CBS TV station group currently consists of 39 stations, including 21 CBS, 11 CW and three My Network TV affiliates, plus four stations not affiliated with major networks.