Westinghouse Dumps Defense For Show Biz

With the Cold War over, Westinghouse is disarming to enlist in the ratings wars.

Westinghouse Electric Corp. said Friday it will sell the defense-related part of its electronic systems unit and another unidentified business to help pay for its $5.4 billion acquisition of CBS Inc.

The sales mark another step in the industrial conglomerate’s transformation into an entertainment company.

The two sales will enable Westinghouse to pay down $3.2 billion to $3.5 billion of the CBS debt by the end of the second quarter, Westinghouse Chairman Michael Jordan said at a meeting with financial analysts.

He said the company will keep most of its industrial businesses. Some analysts expect the company to eventually sell all the nonbroadcast assets.