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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 10, 1996
WESTINGHOUSE ELECTRIC CORPORATION
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(Exact name of registrant as
specified in its charter)
Pennsylvania 1-977 25-0877540
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(State or other juris- (Commission File (IRS Employer
diction of incorporation) Number) Identification
Number)
Westinghouse Bldg.; 11 Stanwix St., Pittsburgh, PA. 15222-1384
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (412) 244-2000
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Page 1 of 5 Pages
Exhibit Index on Page 4
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Item 5. Other Events
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On June 10, 1996, the registrant issued a press release,
a copy of which is attached hereto as Exhibit 99 and is incorporated in its
entirety.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits
A press release issued by the registrant on June 10, 1996 is filed
as Exhibit 99 to this Report.
Page 2 of 5 Pages
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WESTINGHOUSE ELECTRIC CORPORATION
(Registrant)
By: /s/ FREDRIC G. REYNOLDS
-----------------------
Fredric G. Reynolds
Executive Vice President
and Chief Financial Officer
Date: June 10, 1996
Page 3 of 5 Pages
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EXHIBIT INDEX
Exhibit No. Description Sequential Page No.
99 A press release issued by the 5
Company on June 10, 1996.
Page 4 of 5 Pages
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Exhibit 99
WESTINGHOUSE PROPOSING TO SEPARATE
BROADCASTING AND INDUSTRIAL BUSINESSES
PITTSBURGH, June 10 -- To enhance the portfolio shift that began with
the acquisition of CBS, Michael H. Jordan, chairman and chief executive
officer, recommended to the Westinghouse Board of Directors at its May meeting,
that the Board consider actions to separate the broadcasting and industrial
businesses. The company expects to announce its conclusions during the fourth
quarter after addressing remaining legal, financial, tax and human resource
issues necessary for a smooth transition.
In commenting on the recommendation, Mr. Jordan said, "We are seeking
to create the appropriate balance sheet and tax structure for each major sector
of our business. In so doing, we will help to ensure the long-term
competitiveness and growth of both businesses which will benefit shareholders,
customers and employees."
During the past several years, Westinghouse has taken major steps to
address debt and legacy problems, strengthen core businesses, and refocus its
portfolio. The company paid down approximately $7.5 billion in debt prior to
the CBS acquisition, and took steps to resolve litigation, environmental, and
pension issues. Aggressive cost reduction and new revenue development
strategies, particularly in international markets, have enhanced the continued
growth and competitiveness of its industrial and technology businesses. The
company also shifted its portfolio by dramatically expanding its broadcasting
holdings -- the Westinghouse business with the most attractive growth profile
- -- by the acquisition of CBS in 1995, and the divestiture of Knoll (furniture
division) and the defense electronics business in early 1996.
