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.
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.
