OTHER NEWS - July 24, 1991

CBS Buys Minneapolis TV Station: CBS said it reached an agreement to buy Midwest Communications Inc. for $50 million in CBS stock plus assumption of $150 million in Midwest’s debt obligations. Midwest owns CBS affiliate WCCO-TV in Minneapolis and ABC affiliate WFRV-TV in Green Bay, Wis., plus an AM-FM radio station in Minneapolis and regional sports network. Midwest, which was refinanced in 1985, has been coming under debt and shareholders pressures to find a buyer. The $200-million, non-cash, tax-free deal also spotlights the rapidly deteriorating market for media assets. Midwest’s board rejected an offer to sell the company for under $300 million in 1989 because it believed that it could get a better price.