UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No.__)
Under the Securities Exchange Act of 1934
WESTINGHOUSE ELECTRIC CORPORATION
(Name of Issuer)
Common Stock, par value $1.00
(Title of Class of Securities)
960402105000
(CUSIP Number)
Karen C. Manson
Secretary
Lehman Brothers Holdings Inc.
3 World Financial Center, 24th Floor
New York, NY 10285
(212) 526-1936
(Name, Address and Telephone Number of Person Authorized to
Receive Notice and Communications)
December 31, 1996
(Date of Event which required Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with this statement [ ]. (A fee
is not required only if the reporting person (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7). NOT APPLICABLE.
<PAGE>
CUSIP No. 960402105000
1) Names of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Lehman Brothers Holdings Inc.
13-3216325
2) Check the Appropriate box if a Member of a Group (see instructions)
(a) [X]
(b) [ ]
3) SEC Use Only
4) Source of Funds (see instructions)
OO
5) Check Box if Disclosure of Legal Proceedings is Requires
Pursuant to Items 2(d) or 2(E)
[ ]
6) Citizenship or Place of Organization
Delaware
Number of Shares Beneficially Owned by Each Reporting Person With:
7) Sole Voting Power
36,306,974
8) Shared Voting Power
-0-
9) Sole Dispositive Power
36,306,974
10) Shared Dispositive Power
700
11) Aggregate Amount Beneficially Owned by Each Reporting Person
36,307,674
<PAGE>
12) Check if the Aggregate Amount in Row (9) Excludes Certain Shares
----------------------------------------------------------------
[ ]
13) Percent of Class Represented by Amount in Row 9
-----------------------------------------------
5.96%
14) Type of Reporting Person
HC/CO
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: December 31, 1996
LEHMAN BROTHERS HOLDINGS INC.
By: /s/ Karen C. Manson
-------------------
Name: Karen C. Manson
Title: Vice President and
Secretary
<PAGE>
CUSIP No.
960402105000
1) Names of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Lehman Brothers
Inc.
13-2518466
2) Check the Appropriate box if a Member of a Group (see instructions)
(a) [X]
(b) [ ]
3) SEC Use Only
4) Source of Funds (see instructions)
OO
5) Check Box if Disclosure of Legal Proceedings is Requires
Pursuant to Items 2(d) or 2(E)
[ ]
6) Citizenship or Place of Organization
Delaware
Number of Shares Beneficially Owned by Each Reporting Person With:
7) Sole Voting Power
26,429,215
8) Shared Voting Power
-0-
9) Sole Dispositive Power
26,429,215
10) Shared Dispositive Power
700
11) Aggregate Amount Beneficially Owned by Each Reporting Person
26,640,512
<PAGE>
12) Check if the Aggregate Amount in Row (9) Excludes Certain Shares
[ ]
13) Percent of Class Represented by Amount in Row 9
4.33%
14) Type of Reporting Person
BD/CO
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: December 31, 1996
LEHMAN BROTHERS INC.
By: /s/ Karen C. Manson
-------------------
Name: Karen C. Manson
Title: Senior Vice President and
Secretary
<PAGE>
CUSIP No.
960402105000
1) Names of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
LB I Group Inc.
13-2741778
2) Check the Appropriate box if a Member of a Group (see instructions)
(a) [X]
(b) [ ]
3) SEC Use Only
4) Source of Funds (see instructions)
OO
5) Check Box if Disclosure of Legal Proceedings is Requires
Pursuant to Items 2(d) or 2(E)
[ ]
6) Citizenship or Place of Organization
Delaware
Number of Shares Beneficially Owned by Each Reporting Person With:
7) Sole Voting Power
26,410,265
8) Shared Voting Power
-0-
9) Sole Dispositive Power
26,410,265
10) Shared Dispositive Power
-0-
11) Aggregate Amount Beneficially Owned by Each Reporting Person
26,410,265
<PAGE>
12) Check if the Aggregate Amount in Row (9) Excludes Certain Shares
[ ]
13) Percent of Class Represented by Amount in Row 9
4.33%
14) Type of Reporting Person
HC/CO
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: December 31, 1996
LB I GROUP INC.
By: /s/ Karen C. Manson
-------------------
Name: Karen C. Manson
Title: Secretary
<PAGE>
CUSIP No.
960402105000
1) Names of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Lehman Brothers Offshore Partners Ltd.
2) Check the Appropriate box if a Member of a Group (see instructions)
(a) [X]
(b) [ ]
3) SEC Use Only
4) Source of Funds (see instructions)
OO
5) Check Box if Disclosure of Legal Proceedings is Requires
Pursuant to Items 2(d) or 2(E)
[ ]
6) Citizenship or Place of Organization
Bermuda
Number of Shares Beneficially Owned by Each Reporting Person With:
7) Sole Voting Power
11,877,110
8) Shared Voting Power
-0-
9) Sole Dispositive Power
11,877,110
10) Shared Dispositive Power
-0-
11) Aggregate Amount Beneficially Owned by Each Reporting Person
11,877,110
<PAGE>
12) Check if the Aggregate Amount in Row (9) Excludes Certain Shares
[ ]
13) Percent of Class Represented by Amount in Row 9
1.95%
14) Type of Reporting Person
CO
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: December 31, 1996
LEHMAN BROTHERS OFFSHORE PARTNERS LTD.
By: /s/ Karen C. Manson
-------------------
Name: Karen C. Manson
Title: Authorized Signer
<PAGE>
CUSIP No.
960402105000
1) Names of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Lehman Brothers Merchant Banking Portfolio Partnership LP
2) Check the Appropriate box if a Member of a Group (see instructions)
(a) [X]
(b) [ ]
3) SEC Use Only
4) Source of Funds (see instructions)
OO
5) Check Box if Disclosure of Legal Proceedings is Requires
Pursuant to Items 2(d) or 2(E)
[ ]
6) Citizenship or Place of Organization
Delaware
Number of Shares Beneficially Owned by Each Reporting Person With:
7) Sole Voting Power
14,533,155
8) Shared Voting Power
-0-
9) Sole Dispositive Power
14,533,155
10) Shared Dispositive Power
-0-
11) Aggregate Amount Beneficially Owned by Each Reporting Person
14,533,155
<PAGE>
12) Check if the Aggregate Amount in Row (9) Excludes Certain Shares
[ ]
13) Percent of Class Represented by Amount in Row 9
2.38%
14) Type of Reporting Person
PN
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: December 31, 1996
LEHMAN BROTHERS MERCHANT BANKING
PORTFOLIO PARTNERSHIP LP
By: /s/ Karen C. Manson
-------------------
Name: Karen C. Manson
Title: Authorized Signer
<PAGE>
CUSIP No.
960404105000
1) Names of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Lehman Brothers Offshore Investment Partnership LP
2) Check the Appropriate box if a Member of a Group (see instructions)
(a) [X]
(b) [ ]
3) SEC Use Only
4) Source of Funds (see instructions)
OO
5) Check Box if Disclosure of Legal Proceedings is Requires
Pursuant to Items 2(d) or 2(E)
[ ]
6) Citizenship or Place of Organization
Bermuda
Number of Shares Beneficially Owned by Each Reporting Person With:
7) Sole Voting Power
2,960,499
8) Shared Voting Power
-0-
9) Sole Dispositive Power
2,960,499
10) Shared Dispositive Power
-0-
11) Aggregate Amount Beneficially Owned by Each Reporting Person
2,960,499
<PAGE>
12) Check if the Aggregate Amount in Row (9) Excludes Certain Shares
[ ]
13) Percent of Class Represented by Amount in Row 9
.48%
14) Type of Reporting Person
PN
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: December 31, 1996
LEHMAN BROTHERS
OFFSHORE INVESTMENT PARTNERSHIP LP
By: /s/ Karen C. Manson
-------------------
Name: Karen C. Manson
Title: Authorized Signer
<PAGE>
CUSIP No.
960402105000
1) Names of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Lehman Brothers Offshore Investment Partnership - Japan LP
2) Check the Appropriate box if a Member of a Group (see instructions)
(a) [X]
(b) [ ]
3) SEC Use Only
4) Source of Funds (see instructions)
OO
5) Check Box if Disclosure of Legal Proceedings is Requires
Pursuant to Items 2(d) or 2(E)
[ ]
6) Citizenship or Place of Organization
Bermuda
Number of Shares Beneficially Owned by Each Reporting Person With:
7) Sole Voting Power
8,916,611
8) Shared Voting Power
-0-
9) Sole Dispositive Power
8,916,611
10) Shared Dispositive Power
-0-
11) Aggregate Amount Beneficially Owned by Each Reporting Person
8,916,611
<PAGE>
12) Check if the Aggregate Amount in Row (9) Excludes Certain Shares
[ ]
13) Percent of Class Represented by Amount in Row 9
1.46%
14) Type of Reporting Person
PN
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: December 31, 1996
LEHMAN BROTHERS
OFFSHORE INVESTMENT PARTNERSHIP - JAPAN LP
By: /s/ Karen C. Manson
-------------------
Name: Karen C. Manson
Title: Authorized Signer
<PAGE>
CUSIP No.
960402105000
1) Names of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Lehman Brothers Capital Partners II LP
2) Check the Appropriate box if a Member of a Group (see instructions)
(a) [X]
(b) [ ]
3) SEC Use Only
4) Source of Funds (see instructions)
OO
5) Check Box if Disclosure of Legal Proceedings is Requires
Pursuant to Items 2(d) or 2(E)
[ ]
6) Citizenship or Place of Organization
Delaware
Number of Shares Beneficially Owned by Each Reporting Person With:
7) Sole Voting Power
9,877,759
8) Shared Voting Power
-0-
9) Sole Dispositive Power
9,877,759
10) Shared Dispositive Power
-0-
11) Aggregate Amount Beneficially Owned by Each Reporting Person
9,877,759
<PAGE>
12) Check if the Aggregate Amount in Row (9) Excludes Certain Shares
[ ]
13) Percent of Class Represented by Amount in Row 9
1.62%
14) Type of Reporting Person
PN
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: December 31, 1996
LEHMAN BROTHERS CAPITAL PARTNERS II LP
By: /s/ Karen C. Manson
-------------------
Name: Karen C. Manson
Title: Authorized Signer
<PAGE>
Schedule 13D
Item 1. Security and Issuer
This statement relates to the Common Stock, par value $1.00
(the "Common Stock"), of Westinghouse Electric Corporation, a Pennsylvania
corporation ("Westinghouse"). The address of the principal executive offices of
Westinghouse is Westinghouse Building, 11 Stanwix Street, Pittsburgh, PA
15222-1384.
Item 2. Identity and Background
This statement is filed on behalf of the following entities:
Lehman Brothers Holdings Inc., a Delaware corporation ("Holdings"),
3 World Financial Center
200 Vesey Street
New York, NY 10285
Holdings through its domestic and foreign subsidiaries is a full-line
securities firm. Holdings is the General Partner of Lehman Brothers
Capital Partners II LP and parent of Lehman Brothers Inc.
Lehman Brothers Inc., a Delaware corporation ("LBI"),
3 World Financial Center
200 Vesey Street
New York, NY 10285
LBI, a wholly owned subsidiary of Holdings, is a broker-dealer
and the parent of LB I Group Inc.
LB I Group Inc., a Delaware corporation, ("LB I Group"),
3 World Financial Center
200 Vesey Street
New York, NY 10285
LB I Group, a wholly owned subsidiary of LBI, is the General Partner
of Lehman Brothers Merchant Banking Portfolio Partnership LP. and
parent of Lehman Brothers Offshore Partners Ltd.
<PAGE>
Lehman Brothers Offshore Partners Ltd., a Bermuda corporation ("LB
Offshore Partners"),
Clarendon House
Church Street
P.O. Box HM66
Hamilton, Bermuda HM CX
Lehman Brothers Offshore Partners is a wholly owned subsidiary
of LB I Group and is the General Partner of two partnerships,
Lehman Brothers Offshore Investment Partnership LP and Lehman
Brothers Offshore Investment Partnership - Japan LP.
Lehman Brothers Merchant Banking Portfolio Partnership LP("LB Merchant
Banking")
3 World Financial Center
200 Vesey Street
New York, NY 10285
LB Merchant Banking is a limited partnership.
Lehman Brothers Offshore Investment Partnership LP ("LB Offshore
Investment")
Clarendon House, Church Street
P.O. Box HM66
Hamilton, Bermuda HM CX
LB Offshore Investment is a limited partnership.
Lehman Brothers Offshore Investment Partnership - Japan LP ("LB
Offshore Japan")
Clarendon House, Church Street
P.O. Box HM66
Hamilton, Bermuda HM CX
LB Offshore Japan is a limited partnership.
Lehman Brothers Capital Partners II, LP ("LB Capital Partners")
3 World Financial Center
200 Vesey Street
New York, NY 10285
LB Capital Partners is a limited partnership.
<PAGE>
LB Merchant Banking, LB Offshore Investment, LB Offshore Japan
and LB Capital Partners are herein called the "Investment
Partnerships".
The names, residence or business addresses, citizenships and
present principal occupations or employment of the senior executive
officers and directors of the Reporting Persons are set forth in
Appendix A hereto.
None of the Reporting Persons, nor to the best knowledge of the
Reporting Persons, any of the persons listed in Appendix A hereto, has
during the last five years, except as set forth in Appendix B attached
hereto and incorporated herein by reference, (i) been convicted in a
criminal proceeding (excluding traffic violations or similar
misdemeanors) or (ii) been party to a civil proceeding of a judicial
or administrative body of a competent jurisdiction and as a result of
such proceeding was or is subject to a judgment, decree or final order
enjoining future violations of, or mandating activities subject to,
federal or state securities laws or finding any violation
with respect to such laws.
Item 3. Source of Funds or Other Consideration
See Item 4.
Item 4. Purpose of Transaction
Pursuant to an Agreement and Plan of Merger dated June 20, 1996 among
Westinghouse, R Acquisition Corp. ("R Acquisition") and Infinity
Broadcasting Corporation ("Infinity"), upon the merger of R
Acquisition, a wholly owned subsidiary of Westinghouse, with and
into Infinity, each outstanding share of Infinity Class A common
stock was converted into the right to receive 1.71 shares of
Westinghouse common stock.
The Investment Partnerships owned 21,221,186 shares of the common
stock of Infinity. As a result of the merger on December 31, 1996, the
Investment Partnerships acquired 36,288,024 shares of the common
stock of Westinghouse. Of such amount, 14,533,155 shares are directly
held by LB Merchant Banking, 2,960,499 shares are directly held
by LB Offshore Partnership, 8,916,611 shares are directly held by LB
Offshore Japan and 9,877,759 shares are directly held by LB Capital
Partners.
The General Partners and Control Persons of the General
Partners of the Investment Partnerships are deemed to beneficially
own the Westinghouse shares held by the Investment Partnerships.
LBI on behalf of itself and its customers, acquired additional shares
of common stock in the ordinary course its business as a
broker/dealer, and may dispose of any shares so acquired. LBI
acquired an additional 19,650 shares of
<PAGE>
common stock of Westinghouse. Of such amount, 700 shares of common
stock, over which LBI has shared investment discretion, are held on
behalf of a customer.
The executive officers, directors and controlling persons of
the Reporting Persons, as reflected in Item 2 and Appendix A, who,
to the best knowledge of the Reporting Persons (or executive
officers or directors of any controlling person) beneficially own any
shares of common stock of Westinghouse, are listed in Appendix C,
attached hereto and incorporated herein by reference.
The Reporting Persons do not have sole or shared power to vote and
dispose of those shares listed on Appendix C.
Item 5. Interest in Securities of the Issuer
(a) See Item 4.
(b) See Item 4.
(c) Purchases and sales by LBI of shares of common stock of
Westinghouse effected during the past 60 days are shown on
Appendix D, attached hereto and incorporated herein by reference.
(d) None of the Reporting Persons nor, to their knowledge, any
of the persons listed in Appendix A hereto, knows of any other
person who has the right to receive or the power to direct the
receipt of dividends from, or the proceeds form the sale of,
any shares of Common Stock beneficially owned by the Reporting
Persons, other than customers of Lehman Brothers over whose
shares Lehman Brothers may have investment discretion and
those shares listed on Appendix C.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
See Item 4.
Item 7. Material to be Filed as Exhibits.
Agreement and Plan of Merger, dated as of June 20, 1996, as
amended, among Westinghouse, Acquisition R and Infinity (included
as Annex I to the Joint Proxy Statement/Prospectus) (incorporated by
reference to Exhibit 2.1 to Registration Statement File No.333-13219).
<PAGE>
APPENDIX A
LEHMAN BROTHERS HOLDINGS INC.
BOARD OF DIRECTORS
NAME / TITLE BUSINESS ADDRESS
Michael L. Ainslie Lehman Brothers Holdings Inc.
Private Investor and former 3 World Financial Center
President and Chief Executive New York, New York 10285
Officer of Sotheby's Holdings
John F. Akers Lehman Brothers Holdings Inc.
Retired Chairman of 3 World Financial Center
International Business Machines New York, New York 10285
Corporation
Roger S. Berlind Lehman Brothers Holdings Inc.
Theatrical Producer 3 World Financial Center
New York, New York 10285
Thomas H. Cruikshank Lehman Brothers Holdings Inc.
Retired Chairman and Chief 3 World Financial Center
Executive Officer of Halliburton New York, New York 10285
Company
Richard S. Fuld, Jr. Lehman Brothers Holdings Inc.
Chairman and Chief Executive 3 World Financial Center
Officer of New York, NY 10285
Lehman Brothers Holdings Inc.
Katsumi Funaki* Lehman Brothers Holdings Inc.
Senior General Manager of 3 World Financial Center
International Business of the New York, NY 10285
Finance and Investment Planning
Office of Nippon Life
Henry Kaufman Lehman Brothers Holdings Inc.
President of Henry Kaufman & 3 World Financial Center
Company, Inc. New York, NY 10285
John D. Macomber Lehman Brothers Holdings Inc.
Principal of JDM Investment Group 3 World Financial Center
New York, NY 10285
Dina Merrill Lehman Brothers Holdings Inc.
Actress and Director and Vice 3 World Financial Center
Chairman of RKO Pictures, Inc. New York, NY 10285
<PAGE>
Masataka Shimasaki* Lehman Brothers Holdings Inc.
Director and General Manager for 3 World Financial Center
the Americas of Nippon Life New York, NY 10285
LEHMAN BROTHERS HOLDINGS INC.
EXECUTIVE OFFICERS
NAME / TITLE BUSINESS ADDRESS
Richard S. Fuld, Jr. Lehman Brothers Holdings Inc.
Chairman and Chief Executive Officer 3 World Financial Center
of Lehman Brothers Holdings Inc. New York, NY 10285
Jeremiah M. Callaghan Lehman Brothers Holdings Inc.
Chief of Operations and Technology 3 World Financial Center
New York, NY 10285
John L. Cecil
Chief Administrative Officer Lehman Brothers Holdings Inc.
3 World Financial Center
New York, NY 10285
Thomas A. Russo Lehman Brothers Holdings Inc.
Chief Legal Officer 3 World Financial Center
New York, NY 10285
Charles B. Hintz Lehman Brothers Holdings Inc.
Chief Financial Officer 3 World Financial Center
New York, NY 10285
- -----
All above individuals are citizens of the United States except those individuals
with an * who are citizens of Japan.
<PAGE>
LEHMAN BROTHERS INC.
BOARD OF DIRECTORS
NAME BUSINESS ADDRESS
Roger S. Berlind Lehman Brothers Inc.
Theatrical Producer 3 World Financial Center
New York, New York 10285
Philip Caldwell Lehman Brothers Inc.
Senior Managing Director 3 World Financial Center
New York, New York 10285
Howard L. Clark, Jr. Lehman Brothers Inc.
Vice Chairman 3 World Financial Center
New York, New York 10285
Frederick Frank Lehman Brothers Inc.
Vice Chairman 3 World Financial Center
New York, New York 10285
Richard S. Fuld, Jr. Lehman Brothers Inc.
Chairman and Chief Executive 3 World Financial Center
Officer of Lehman Brothers Holdings New York, NY 10285
Inc.
Charles B. Hintz Lehman Brothers Inc.
Chief Financial Officer 3 World Financial Center
New York, NY 10285
Bruce R. Lakefield Lehman Brothers Inc.
Director of Lehman Brothers Inc. 3 World Financial Center
New York, NY 10285
Sherman R. Lewis, Jr. Lehman Brothers Inc.
Vice Chairman 3 World Financial Center
New York, NY 10285
Mel A. Shaftel Lehman Brothers Inc.
Vice Chairman 3 World Financial Center
New York, NY 10285
- -----
Above individuals are citizens of the United States.
LEHMAN BROTHERS INC.
EXECUTIVE OFFICERS
NAME / TITLE BUSINESS ADDRESS
Richard S. Fuld, Jr. Lehman Brothers Holdings Inc.
Chairman and Chief Executive Officer 3 World Financial Center
of Lehman Brothers Holdings Inc. New York, NY 10285
Jeremiah M. Callaghan Lehman Brothers Holdings Inc.
Chief of Operations and Technology 3 World Financial Center
New York, NY 10285
John L. Cecil Lehman Brothers Inc.
Chief Administrative Officer 3 World Financial Center
New York, NY 10285
Charles B. Hintz Lehman Brothers Inc.
Chief Financial Officer 3 World Financial Center
New York, NY 10285
Thomas A. Russo Lehman Brothers Inc.
Chief Legal Officer 3 World Financial Center
New York, NY 10285
- -----
Above individuals are citizens of the United States.
<PAGE>
LB I GROUP INC.
BOARD OF DIRECTORS
NAME BUSINESS ADDRESS
Eliot Fried Lehman Brothers Inc.
Director 3 World Financial Center
New York, NY 10285
David Goldfarb Lehman Brothers Inc.
Director 3 World Financial Center
New York, NY 10285
Allan S. Kaplan Lehman Brothers Inc.
Director 3 World Financial Center
New York, NY 10285
- -----
Above individuals are citizens of the United States.
LEHMAN BROTHERS OFFSHORE PARTNERS LTD.
BOARD OF DIRECTORS
NAME BUSINESS ADDRESS
Ludovico Del Balzo One Broadgate
Director and Vice President EC2M 78A
London
Peter R. Sherratt One Broadgate
Director EC2M 78A
London
David Smith One Broadgate
Director EC2M 78A
London
Nicholas Trollope One Broadgate
Director and President EC2M 78A
London
- -----
Above individuals are residents of the United Kingdom.
<PAGE>
APPENDIX B
Fulco v. Continental Cablevision. This civil action was brought in the United
States District Court for the District of Massachusetts alleging a violation of
Rule 10b(5) for a material omission in the disclosure documents related to a
1989 partnership roll-up in which Shearson Lehman Brothers rendered a fairness
opinion. The jury rendered a verdict in 1993 jointly against Shearson Lehman
Brothers and Continental Cablevision, the issuer, for a total of $4.6 million.
The case was settled shortly thereafter.
<PAGE>
APPENDIX C
BENEFICIAL OWNERSHIP OF SHARES OF COMMON STOCK
BY REPORTING PERSONS' OFFICERS, DIRECTORS AND CONTROLLING PERSONS
PERCENTAGE OF
NAME NO. OF SHARES CLASS OF SECURITIES
John F. Akers 10,000 0.001%
<PAGE>
APPENDIX D
PURCHASE AND SALES OF COMMON STOCK
BY LEHMAN BROTHERS INC.
WITHIN 60 DAYS
WESTINGHOUSE ELECTRIC CORPORATION
TRANS. DATE # SHARES BOUGHT # SHARES SOLD PRICE PER SHARE
12/09/96 0.0000 4,500.0000 18.2500
0.0000 4,500.0000 18.2500
0.0000 4,500.0000 18.2500
12/10/96 900.0000 0.0000 18.5000
900.0000 0.0000 18.5000
900.0000 0.0000 18.5000
12/11/96 500.0000 0.0000 18.0000
15.0000 0.0000 18.0000
0.0000 515.0000 18.0000
500.0000 0.0000 18.0000
15.0000 0.0000 18.0000
0.0000 515.0000 18.0000
500.0000 0.0000 18.0000
15.0000 0.0000 18.0000
0.0000 515.0000 18.0000
0.0000 3,500.0000 18.0000
0.0000 57.0000 18.0000
0.0000 3,500.0000 18.0000
0.0000 57.0000 18.0000
0.0000 3,500.0000 18.0000
0.0000 57.0000 18.0000
12/12/96 0.0000 2,400.0000 17.6250
0.0000 8.0000 17.6250
0.0000 2,400.0000 17.6250
0.0000 8.0000 17.6250
0.0000 2,400.0000 17.6250
0.0000 8.0000 17.6250
12/13/96 100.0000 0.0000 17.7500
700.0000 0.0000 17.7500
6.0000 0.0000 17.7500
75.0000 0.0000 17.7500
0.0000 175.0000 17.7500
0.0000 706.0000 17.7500
100.0000 0.0000 17.7500
700.0000 0.0000 17.7500
<PAGE>
TRANS. DATE # SHARES BOUGHT # SHARES SOLD PRICE PER SHARE
12/13/96 6.0000 0.0000 17.7500
75.0000 0.0000 17.7500
0.0000 175.0000 17.7500
0.0000 706.0000 17.7500
100.0000 0.0000 17.7500
700.0000 0.0000 17.7500
6.0000 0.0000 17.7500
75.0000 0.0000 17.7500
0.0000 175.0000 17.7500
0.0000 706.0000 17.7500
4,800.0000 0.0000 17.5000
36.0000 0.0000 17.5000
36.0000 0.0000 17.5000
0.0000 2,200.0000 17.3750
0.0000 8,400.0000 17.5000
0.0000 60.0000 17.3750
0.0000 60.0000 17.5000
0.0000 500.0000 17.6250
4,800.0000 0.0000 17.5000
36.0000 0.0000 17.5000
36.0000 0.0000 17.5000
0.0000 2,200.0000 17.3750
0.0000 8,400.0000 17.5000
0.0000 60.0000 17.3750
0.0000 60.0000 17.5000
0.0000 500.0000 17.6250
4,800.0000 0.0000 17.5000
36.0000 0.0000 17.5000
36.0000 0.0000 17.5000
0.0000 2,200.0000 17.3750
0.0000 8,400.0000 17.5000
0.0000 60.0000 17.3750
0.0000 60.0000 17.5000
0.0000 500.0000 17.6250
12/16/1996 0.0000 51,300.0000 17.8850
0.0000 15,613.0000 17.8750
0.0000 2,500.0000 17.8750
0.0000 2,500.0000 17.7500
0.0000 15,613.0000 17.8750
0.0000 2,500.0000 17.8750
0.0000 2,500.0000 17.7500
0.0000 15,613.0000 17.8750
0.0000 2,500.0000 17.8750
0.0000 2,500.0000 17.7500
15,613.0000 0.0000 17.8750
15,613.0000 0.0000 17.8750
0.0000 15,613.0000 17.8750
15,613.0000 0.0000 17.8750
0.0000 15,613.0000 17.8750
<PAGE>
TRANS. DATE # SHARES BOUGHT # SHARES SOLD PRICE PER SHARE
12/17/1996 9,600.0000 0.0000 17.8750
64.0000 0.0000 17.8750
64.0000 0.0000 17.8750
64.0000 0.0000 17.8750
64.0000 0.0000 17.8750
9,600.0000 0.0000 17.8750
64.0000 0.0000 17.8750
64.0000 0.0000 17.8750
64.0000 0.0000 17.8750
64.0000 0.0000 17.8750
9,600.0000 0.0000 17.8750
64.0000 0.0000 17.8750
64.0000 0.0000 17.8750
64.0000 0.0000 17.8750
64.0000 0.0000 17.8750
12/18/1996 7,700.0000 0.0000 17.7662
0.0000 1,000.0000 17.8750
0.0000 6,700.0000 17.7500
7,700.0000 0.0000 17.7662
0.0000 1,000.0000 17.8750
0.0000 6,700.0000 17.7500
7,700.0000 0.0000 17.7662
0.0000 1,000.0000 17.8750
0.0000 6,700.0000 17.7500
0.0000 2,400.0000 17.8750
0.0000 64.0000 17.8750
0.0000 2,400.0000 17.8750
0.0000 64.0000 17.8750
12/20/1996 76,200.0000 0.0000 18.0000
7.0000 0.0000 18.0000
0.0000 76,207.0000 18.0000
76,200.0000 0.0000 18.0000
7.0000 0.0000 18.0000
0.0000 76,207.0000 18.0000
76,200.0000 0.0000 18.0000
7.0000 0.0000 18.0000
0.0000 76,207.0000 18.0000
34,500.0000 0.0000 18.0000
0.0000 2,500.0000 17.7500
0.0000 2,500.0000 17.7500
0.0000 7,000.0000 18.0000
34,500.0000 0.0000 18.0000
0.0000 2,500.0000 17.7500
0.0000 2,500.0000 17.7500
0.0000 7,000.0000 18.0000
34,500.0000 0.0000 18.0000
0.0000 2,500.0000 17.7500
0.0000 2,500.0000 17.7500
0.0000 7,000.0000 18.0000
<PAGE>
TRANS. DATE # SHARES BOUGHT # SHARES SOLD PRICE PER SHARE
12/23/1996 2,500.0000 0.0000 18.2500
0.0000 2,500.0000 18.2500
2,500.0000 0.0000 18.2500
0.0000 2,500.0000 18.2500
2,500.0000 0.0000 18.2500
0.0000 2,500.0000 18.2500
12/24/1996 600.0000 0.0000 18.2500
0.0000 600.0000 18.2500
600.0000 0.0000 18.2500
0.0000 600.0000 18.2500
600.0000 0.0000 18.2500
0.0000 600.0000 18.2500
5,400.0000 0.0000 18.3750
5,400.0000 0.0000 18.3750
5,400.0000 0.0000 18.3750
12/26/1996 2,500.0000 0.0000 18.5000
12,500.0000 0.0000 18.5000
0.0000 2,400.0000 18.3750
0.0000 64.0000 18.3750
0.0000 5,400.0000 18.3750
2,500.0000 0.0000 18.5000
12,500.0000 0.0000 18.5000
0.0000 2,400.0000 18.3750
0.0000 64.0000 18.3750
0.0000 5,400.0000 18.3750
2,500.0000 0.0000 18.5000
12,500.0000 0.0000 18.5000
0.0000 2,400.0000 18.3750
0.0000 64.0000 18.3750
0.0000 5,400.0000 18.3750
750.0000 0.0000 18.3750
1,100.0000 0.0000 18.3750
2,100.0000 0.0000 18.3750
0.0000 3,950.0000 18.3750
750.0000 0.0000 18.3750
1,100.0000 0.0000 18.3750
2,100.0000 0.0000 18.3750
0.0000 3,950.0000 18.3750
750.0000 0.0000 18.3750
1,100.0000 0.0000 18.3750
2,100.0000 0.0000 18.3750
0.0000 3,950.0000 18.3750
12/27/1996 17,000.0000 0.0000 19.2794
0.0000 4,000.0000 19.3750
0.0000 13,000.0000 19.2500
17,000.0000 0.0000 19.2794
0.0000 4,000.0000 19.3750
0.0000 13,000.0000 19.2500
<PAGE>
TRANS. DATE # SHARES BOUGHT # SHARES SOLD PRICE PER SHARE
12/27/96 17,000.0000 0.0000 19.2794
0.0000 4,000.0000 19.3750
0.0000 13,000.0000 19.2500
12/30/96 0.0000 9,000.0000 19.6193
0.0000 10,000.0000 19.5743
0.0000 41,000.0000 19.6193
2,500.0000 0.0000 19.3750
2,500.0000 0.0000 19.3750
0.0000 12,500.0000 19.6250
2,500.0000 0.0000 19.3750
2,500.0000 0.0000 19.3750
0.0000 12,500.0000 19.6250
2,500.0000 0.0000 19.3750
2,500.0000 0.0000 19.3750
0.0000 12,500.0000 19.6250
12/31/1996 10,100.0000 0.0000 19.8750
90.0000 0.0000 19.8750
0.0000 300.0000 19.8750
0.0000 1,650.0000 19.8750
0.0000 8,240.0000 19.8750
10,100.0000 0.0000 19.8750
90.0000 0.0000 19.8750
0.0000 300.0000 19.8750
0.0000 1,650.0000 19.8750
0.0000 8,240.0000 19.8750
10,100.0000 0.0000 19.8750
90.0000 0.0000 19.8750
0.0000 300.0000 19.8750
0.0000 1,650.0000 19.8750
0.0000 8,240.0000 19.8750
1,300.0000 0.0000 19.8750
1,400.0000 0.0000 19.8750
0.0000 2,700.0000 19.8750
1,300.0000 0.0000 19.8750
1,400.0000 0.0000 19.8750
0.0000 2,700.0000 19.8750
1,300.0000 0.0000 19.8750
1,400.0000 0.0000 19.8750
0.0000 2,700.0000 19.8750
1,800.0000 0.0000 19.6250
2,300.0000 0.0000 19.5000
5,100.0000 0.0000 19.8750
1,800.0000 0.0000 19.8750
2,300.0000 0.0000 19.5000
5,100.0000 0.0000 19.8750
1,800.0000 0.0000 19.6250
2,300.0000 0.0000 19.5000
5,100.0000 0.0000 19.8750
0.0000 48,100.0000 19.8750
<PAGE>
TRANS. DATE # SHARES BOUGHT # SHARES SOLD PRICE PER SHARE
12/31/96 0.0000 48,100.0000 19.8750
0.0000 48,100.0000 19.8750
82,700.0000 0.0000 19.8750
0.0000 2,500.0000 19.8750
0.0000 4,000.0000 19.7500
0.0000 5,000.0000 19.6250
0.0000 10,000.0000 19.5000
0.0000 700.0000 19.7500
0.0000 700.0000 19.7500
0.0000 700.0000 19.7500
0.0000 1,500.0000 19.7500
0.0000 1,500.0000 19.7500
82,700.0000 0.0000 19.8750
0.0000 2,500.0000 19.8750
0.0000 4,000.0000 19.7500
0.0000 5,000.0000 19.6250
0.0000 10,000.0000 19.5000
0.0000 700.0000 19.7500
0.0000 700.0000 19.7500
0.0000 700.0000 19.7500
0.0000 1,500.0000 19.7500
0.0000 1,500.0000 19.7500
82,700.0000 0.0000 19.8750
0.0000 2,500.0000 19.8750
0.0000 4,000.0000 19.7500
0.0000 5,000.0000 19.6250
0.0000 10,000.0000 19.5000
0.0000 700.0000 19.7500
0.0000 700.0000 19.7500
0.0000 700.0000 19.7500
0.0000 1,500.0000 19.7500
0.0000 1,500.0000 19.7500
