Liberty Swap Nets CBS TV Station

LIBERTY SWAP NETS CBS TV STATION
[SOURCE: Multichannel News, AUTHOR: Mike Reynolds]
The day after John Malone’s company moved toward finalizing an agreement with Time Warner Inc. for the Atlanta Braves, Liberty will trade its holdings in CBS Corp. for the broadcaster’s TV station in Green Bay (WI), home of the (in)famous cheeseheads. Liberty exchanged 7.6 million shares it held in CBS, roughly 1% of the company, for WFVR in Green Bay and its satellite, WJMN in Escanaba, Mich. The deal, with the companies valuing the station at $64 million, also gives Liberty $170 million in cash. The deal is expected to close in the second quarter, subject to FCC approval. As for the Braves transaction, Liberty is swapping 60 million of its 171 million in Time Warner for the ballclub, which is valued at some $460 million, 18 Leisure Arts craft magazines owned by Time Inc. and $1 billion in cash.
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