Westinghouse, CBS agree to merge

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The boards of Westinghouse Electric Corp. and CBS Inc. have agreed to merger terms. Westinghouse will acquire the CBS network for $81 a share and other considerations. The value of the transaction is expected to total approximately $5.4 billion. Westinghouse said it expects to receive the necessary government approvals or waivers and complete the transaction by the end of 1995 or early 1996. Westinghouse currently operates five major market TV stations and 18 radio stations in nine markets. Westinghouse also owns Group W Satellite Communications, a leader in marketing, sales and program distribution for cable networks, and Group W Productions, which is responsible for program production, distribution and advertising sales for broadcast syndication.

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