Westinghouse Buys Two Gaylord Networks
Westinghouse Electric Corp. took another step Monday toward making its CBS network a power in cable TV with a deal to buy The Nashville Network and Country Music Television.
Gaylord Entertainment Co., owner of the Grand Ole Opry, agreed sell the two country music cable channels for $1.55 billion.
Since buying CBS in late 1995, Westinghouse has taken several big steps to create a presence in cable television. Under prior ownership, the network had let rivals ABC and NBC pull ahead. ABC controls the ESPN networks, while NBC has the MSNBC and CNBC cable channels.
Until now, CBS’ biggest presence in cable had been the Spanish-language news channel TeleNoticias, which it bought in June. On March 31, CBS plans to launch CBS Eye On People, which will use archives and new programming to air reality-based shows about people.