Shearman, Sonnenschein Aid Sale of TV Station to Viacom
In a deal valued at about $650 million, New York-based media conglomerate Viacom Inc., whose assets include television networks CBS, UPN, MTV and Nickelodeon, as well as the Showtime cable network, video rental powerhouse Blockbuster and publisher Simon & Schuster, announced last week that it had reached an agreement to purchase Los Angeles television station KCAL-TV from New York’s Young Broadcasting Inc. The acquisition of KCAL gives Viacom two owned and operated television stations in Los Angeles, as the company already owns and operates KCBS-TV. KCAL, which bills itself as the premier independent broadcaster in the Los Angeles market, is the broadcaster of Los Angeles Lakers and Anaheim Angels games. KCAL will become part of the Viacom Television Stations Group, a part of Viacom’s CBS Television Division. The division consists of 16 CBS and 18 UPN television stations.
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