The day of reckoning is nigh for Westinghouse Electric Corp. chairman Michael Jordan, who could be in control of CBS Inc. as early as Thanksgiving.

But Jordan has to move quickly to allay worries about the combined companies’ financial strength, according to some on Wall Street.

There’s industrywide speculation that Westinghouse will bring in an outside partner to run the network, keeping the stations for themselves. The most likely candidates in that sort of arrangement would be Viacom or MCA.

Meanwhile, wholesale replacement of top execs at the Eye web is expected, although certain key brass are likely to survive the transition.

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