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CBS has energy to spare

Conglom selling off utilities to focus on media

CBS Corp. will complete its transformation to a “pure play media company” within two weeks by selling off its energy services group and its government services operation for about $1.5 billion, according to its chief financial officer.

Chief financial officer Fredric Reynolds wouldn’t identify the buyers for the Eye’s remaining industrial units — vestiges from its buyout by Westinghouse Electric Corp. — but said Tuesday to expect an announcement “next week or so.”

Reynolds, who made his remarks at the NationsBanc Montgomery Securities’ media and communications conference here, also gave “before and after” snapshots of the corporation.

Before: Westinghouse owned five television stations and 18 radio stations the day before it acquired CBS in November 1995.

After: CBS today consists of 185 radio stations, 14-to-15 TV stations and two cable networks, in addition to the CBS Network.

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