CBS Sells Four Stations to Four Points Media Group
Completes Deal, Divestiture of 50 Medium and Smaller-Market Stations
By John Eggerton -- Broadcasting & Cable, 1/10/2008 2:52:00 PM
CBS said Thursday that it closed on the $185 million sale of four TV stations to Four Points Media Group (Cerberus Capitol), ending its divestiture of 50 medium and smaller-market stations, 11 TV and 39 radio, dating back to 2006.
CBS paved the way for the deal in October when it paid $300,000 to settle a license challenge at the Federal Communications Commission to KUTV (TV) Salt Lake City.
The company said the sales took in almost $1 billion ($922 million) and left it with 29 TV stations and 140 radio stations.
Four Points picked up two CBS affiliates and two MyNetwork TV affiliates -- KEYE-TV Austin, Texas; KUTV (plus satellite KUSG) St. George, Utah; WLWC TV Providence, R.I.; and WTVX TV West Palm Beach, Fla., plus low-powers WTCN-CA and WWHB-CA.
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