CBS sells its local TV affiliate to an investment group.

CBS Corp. is selling its local affiliate, KEYE-TV, to a private investment group as part of a seven-station deal valued at $185 million. The deal, which includes stations in Salt Lake City and Providence, R.I., continues the media giant's strategy of shedding its ownership interest in small- and midlevel TV and radio stations.

The buyer is Cerberus Capital Management, which specializes in investing in what it terms "undervalued" companies. It boasts more than $22 billion in assets in everything from Air Canada and National Car Rental to Mervyn's and Strategic Restaurant Acquisition Group, a company specializing in Burger King franchises.

The deal is still subject to FCC approval.

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