CBS shareholders OK sale

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CBS shareholders overwhelmingly approved the company's acquisition by Westinghouse Electric Corp. at a special shareholders meeting held Thursday in New York. Westinghouse Chairman-CEO Michael Jordan said the company will wait until the Federal Communications Commission has ruled on the deal before it announces the structure and leadership of the new broadcasting unit. He said the CBS name will continue and the "eye" logo will be retained.

CBS insiders expect several top managers, including CBS News President Eric Ober and several CBS-owned station managers, to get the ax. CBS Broadcast Group president Peter Lund is expected to remain and run the new company.

"Westinghouse will make the investments and provide the resources for our combined broadcasting enterprise to be a leader in news, sports and entertainment," said Mr. Jordan. "We fully intend to make CBS the cornerstone of a broader media organization, grounded in its strength as an over-the-air broadcaster."

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