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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549-1004
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): May 23, 1997
Commission file number 1-977
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WESTINGHOUSE ELECTRIC CORPORATION
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(Exact name of registrant as
specified in its charter)
PENNSYLVANIA 25-0877540
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(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification Number)
Westinghouse Building, 11 Stanwix Street, Pittsburgh, Pennsylvania 15222-1384
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(Address of principal executive offices; zip code)
(412) 244-2000
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(Registrant's Telephone No., including area code)
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Item 5. Other Events
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On May 23, 1997, the Registrant issued a press release announcing
organizational changes at its CBS Inc. subsidiary and the departure of Peter
Lund, President and Chief Executive Officer of the CBS Television and Cable
Group. A copy of the press release is attached hereto as Exhibit 99 and is
incorporated herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Press Release issued by the Registrant on May 23, 1997, is filed
as Exhibit 99 to this Report
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WESTINGHOUSE ELECTRIC CORPORATION
(Registrant)
By: /s/ LOUIS J. BRISKMAN
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Louis J. Briskman
Senior Vice President and
General Counsel
Date: May 27, 1997
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EXHIBIT INDEX
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Exhibit No. Description Sequential Page No.
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<S> <C> <C>
99 Press Release
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Exhibit 99
[LOGO]
CBS
May 23, 1997
CBS MAKES MAJOR ORGANIZATIONAL CHANGES
o Mel Karmazin Chairman and CEO of combined $2.2 billion
television and radio station group
o Peter Lund elects to leave CBS
NEW YORK, May 23, 1997 -- Michael H. Jordan, Chairman and Chief Executive
Officer of Westinghouse Electric Corporation, announced today a major
reorganization of the company's media businesses in anticipation of the
formation of the new CBS Corporation following the split of Westinghouse in the
Fall. Beginning immediately, the CBS Television and Cable businesses will
report directly to Mr. Jordan and all CBS radio and television stations will be
consolidated into a single organization led by Mel Karmazin, the Chairman and
Chief Executive Officer of the new CBS Station Group. Peter Lund, President and
Chief Executive Officer of the CBS Television and Cable Group, declined the
opportunity to lead the remaining television and cable businesses and elected
to leave CBS.
Mr. Lund has agreed to assist in the transition to the new organization.
Mr. Lund has been at CBS since 1977, except for a three-year stint at
Multimedia. He has held key CBS posts at both the TV stations and the Network,
and was appointed to the post of President and Chief Executive Officer of CBS
Inc. after the Westinghouse purchase of CBS in November 1995.
Mr. Jordan added: "Peter Lund played an invaluable role in the CBS
turnaround. Today CBS is a better place to work, with a promising future,
thanks to Peter's many lasting contributions and successes. During his long
and distinguished career at CBS, Peter has worked in - and left his mark
on -- virtually every part of the company. While I wish he had decided to
remain at CBS, I respect his choice. We wish him well."
Endorsing the leaders of the three core Network businesses, Mr. Jordan
said: "We have the best Network team in the industry. Leslie Moonves has put
our primetime entertainment back on America's TV screens. Andrew Heyward is
leading our news operations with an energy and integrity worthy of the best
traditions of CBS News. And Sean McManus has made his mark in his first few
months at CBS as an accomplished businessman and sports programmer. I look
forward to working with Les, Andrew and Sean as we restore CBS to its place as
the preeminent broadcasting network."
The 14 Owned and Operated CBS television stations and the 77 CBS radio
stations will be combined into a single CBS Station Group, Mr. Karmazin, who
joined CBS with the purchase of Infinity Broadcasting, will lead the $2.2
billion station group.
(Over)
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CBS Inc. ...2
Commenting on the benefits of the station consolidation, Mr. Jordan said:
"Westinghouse's acquisition of CBS had great public service implications and
created a tremendous potential for leveraging a uniquely valuable and extensive
television and radio station presence in the major markets. During the past
year, we've been turning that potential into reality, building the strongest
broadcast distribution enterprise in the U.S."
Mr. Jordan added, "During his 30-year broadcasting career, Mel Karmazin
has had an unsurpassed track record of building station franchises and driving
strong revenue and cash flow growth. He built Infinity Broadcasting into the
most successful company in the radio industry. Under his firm leadership, this
television and radio station combination gives us an opportunity to realize
major synergies in local markets and build significant value for our
advertisers and shareholders."
The new organization of CBS will consist of three major entities -- CBS
Television, the CBS Station Group, and CBS Cable.
CBS Television will consist of the Network operations led by Jim Warner --
marketing and sales, affiliate relations, and research -- and the three
Network businesses -- entertainment, news and sports. It also includes CBS
Enterprises, led by Ed Wilson and comprising the Eyemark production and
syndication company and CBS International.
The new CBS Station Group has a strong presence in every one of the top 10
markets. CBS owns six of the top 10 billing radio stations in the country, and
has extensive radio coverage in the top 16 U.S. advertising markets. With
television stations in seven of the top 10 markets, CBS covers 31% of the U.S.
television audience. TDI, a leader in out-of-home advertising, will also be a
part of the CBS Station Group.
CBS Cable, led by Don Mitzner, will comprise the third major element of the
new CBS Corporation. With the completion this summer of the acquisition of The
Nashville Network (TNN) and Country Music Television (CMT), CBS Cable will have
four cable networks and a global satellite distribution unit providing service
to broadcast, cable, and corporate networks.
The split of Westinghouse into separate media and industrial companies,
CBS Corporation and Westinghouse Electric Company respectively, is expected to
occur this Fall.
Contacts: Jack Bergen Westinghouse/CBS 212/975-3835
Gil Schwartz CBS Communications 212/975-2121
