Ted Turner is working feverishly to line up investors to raise cash to make a rival bid for CBS
, which has agreed to be acquired by Westinghouse Electric Corp. for $5.4 billion. Mr. Turner is said to be actively pursuing a variety of new partners, and French media company Havas confirmed it is talking to Turner. Other investors are said to include Microsoft Corp., and possibly others. Turner's governing council has approved Mr. Turner's pursuit of CBS and his quest for new backers. Previously, Time Warner, which controls nearly 20% of TBS, had resisted such a move, but Time Warner executives now see a Turner acquisition as being in Time Warner's own strategic interests.
Copyright August 1995, Crain Communications Inc.