NEW YORK, April 29 -- CBS Corp. says it has reached a definitive agreement to acquire television station KEYE-TV, Channel 42, the CBS Television Network affiliate in Austin, Texas, from Granite Broadcasting Corp. for $160 million in cash. The deal is subject to several conditions, including approvals from the Federal Communications Commission and other regulatory agencies and is expected to close by the end of the year.
The acquisition, combined with CBS's pending ownership of KTVT-TV, Dallas-Ft. Worth, will raise CBS's ownership position to television stations serving approximately 34 percent of the United States, up from 32 percent, including eight of the top 10 U.S. markets. 'The Austin market is one of the fastest growing in the nation, with great demographics and an expanding high-tech community,' said Mel Karmazin, president and CEO of CBS Corp. 'Since Granite acquired KEYE in 1995, they have created a strong news organization and aggressively promoted the station's image and brand identity as a CBS affiliate,' he said. The Austin market is the second-fastest growing market by population in the United States, and the 60th largest market overall. It ranks No. 1 in business growth in the nation. ---
Copyright 1999 by United Press International. All rights reserved. ---