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.
This article appears in February 2 • 2007.