NEW YORK — Westinghouse Electric Corp. on Tuesday completed its acquisition of Infinity Broadcasting Corp., creating by far the largest radio station group in the nation.
The $3.9 billion deal was cleared by the Justice Dept. and shareholders in recent weeks, with FCC approvals on Dec. 26 removing the final obstacle before a closing that had been promised by the year’s end.
The new CBS Radio group, with revenues of $1 billion from 79 stations in 17 markets, will be led by Mel Karmazin, formerly president and chief executive officer at Infinity.
Under a related restructuring at Westinghouse, chairman-CEO Michael Jordan last week formed a new office of the chairman that includes Karmazin and CBS prexy Peter Lund, who now also oversees the Group W Satellite Communications cable unit. GWSC chief Don Mitzner, who had reprted to Jordan, now reports to Lund.