The sale of CBS Corporation television stations to Four Points Media Group, an operating company formed by Cerberus Capital Management, is now official. Bringing this transaction home also brings the company’s 922M sell-off of station properties to the finish line.
The immediate closing involves stations in four markets, KEYE-TV Austin TX; KUTV-TV & KUSG-TV Salt Lake City UT; WLWC-TV Providence RI-New Bedford MA; and WTVX-TV West Palm Beach-Ft. Pierce FL. The value is 185M. The Austin and SLC stations are CBS affiliates; the Providence and West Palm stations are with CW. The deal also includes a pair of Class A stations in West Palm, carrying MNT and TV Azteca.
In all, CBS has sold 11 television stations in seven markets, and 39 radio stations in 10 markets in deals dating back to December 2006. It is left with 29 television and 140 radio stations.