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Turner Backs Away From King World Deal

Turner Broadcasting System Inc. said Monday its board had decided against pursuing the acquisition of cash-rich King World Productions Inc., a move that could have helped it finance a rival bid for CBS Inc.

But a source familiar with the situation said Turner continues to explore other possibilities for assembling a bid for CBS, which has already accepted a $5.4 billion buyout offer from Westinghouse Electric Corp.

The Atlanta-based cable company’s directors met by telephone on Monday to hear what progress Chairman Ted Turner had made in arranging financing a bid for CBS.