CBS Sells Seven Local Stations for $185 Mil

Feb 7, 2007  •  Post A Comment

CBS today announced it would sell seven of the local TV stations it owns in four mid-size and small markets to Cerberus Capital Management, L.P., for $185 million.

The move is consistent with CBS’s recent pattern of selling off smaller local TV (and radio) stations in order to focus on properties in larger markets.

Cerberus believes in local television, a representative said, declining to talk about what plans Cerberus might have for the stations in Austin, Texas; Salt Lake City; Providence, R.I.; and West Palm Beach, Fla. The company said it specializes in supplying financing and operational expertise to help transform undervalued companies.

The stations being sold include CBS- and CW-affiliated operations, as well as low-power stations affiliated with MyNetworkTV and Azteca.

(Editor: Romanelli)