Liberty Turns Over CBS Shares

CBS and Liberty have completed their stock-for-station --plus cash-- deal.

Liberty, which is cashing out its 7.6 million shares in News Corp. in exchange for DirecTV, is turning over its CBS shares in exchange for $170 million plus TV station WFRV Green Bay.

Liberty's stake represented approximately 1% of its outstanding shares.

Contributing editor John Eggerton has been an editor and/or writer on media regulation, legislation and policy for over four decades, including covering the FCC, FTC, Congress, the major media trade associations, and the federal courts. In addition to Multichannel News and Broadcasting + Cable, his work has appeared in Radio World, TV Technology, TV Fax, This Week in Consumer Electronics, Variety and the Encyclopedia Britannica.