Les and company to focus on where the money is

Les Moonves continues to shape Sumner Redstone's his media empire into a lean mean broadcasting machine. Not only did they launch two new divisions in a month, they jumped into the lazy music business, and they continue to spin off stations as well. CBS Television announced Tuesday it is spinning off the fifth TV station from its portfolio to focus on operating stations in the nation's largest markets. In a complicated financial transaction, Liberty Media will acquire WFRV-TV, CBS owned-and-operated station in Green Bay, Wis. (valued at $64 million), and about $170 million in cash. In exchange, CBS will get more than 7.5 million shares of CBS stock owned by Liberty. Last week, CBS agreed to sell seven of its smaller-market stations in Austin, Tex. (No. 52); Salt Lake City (No. 35); Providence, R.I. (No. 51); and West Palm Beach, Fla. (No. 38) to Cerberus Capital Management for $185 million. CBS Spins Off Fifth TV Station [Mediaweek]