CBS Corp. today announced a definitive agreement to sell WLWC TV Providence, an affiliate of The CW, and six other stations to Cerberus Capital Management L.P. for $185 million.
The sale also includes one TV station in Austin, Texas; two in Salt Lake City, Utah; and three in Palm Beach, Fla., CBS said. The deal is subject to FCC approval and other customary conditions.
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Cerberus was advised by CobbCorp and Wachovia Capital Markets, CBS said.
CBS Corp. (NYSE: CBS, CBS.A) is a mass-media company with a wide variety of media and entertainment operations. Its CBS Television Stations group has 39 stations: 21 CBS stations, 11 The CW stations, three MyNetworkTV affiliates and four stations not affiliated with any major network. For more information, go to www.cbscorporation.com.
New York City-based Cerberus Capital Management (www.cerberuscapital.com) is a private investment firm established in 1992. It has about $22 billion in assets under management.
