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August 08, 1995| From Times Wire Services

Broadcasting: Westinghouse Electric Corp. added an unusual twist to its acquisition deal with CBS Inc. by agreeing to pay the broadcaster up to $100 million if financing problems foil the buyout. Under the terms of the $5.4-billion acquisition, both sides have the right to end the transaction if Westinghouse fails to secure all of its initial financing commitments by Sept. 14. The companies can also cancel the transaction if Pittsburgh-based Westinghouse fails to meet subsequent financing milestones. CBS would get payments ranging from $25 million to $100 million if either company backs out, according to the merger agreement filed Friday with the Securities and Exchange Commission. Many merger agreements call for the company being acquired to pay a breakup fee if it pulls out to accept a better offer. Westinghouse has reversed that practice to set aside any concerns that it will have trouble raising the money to buy CBS, according to Michael Block, who is representing Westinghouse in the negotiations.

Meanwhile, NBC President Robert Wright said Monday that cable TV mogul Ted Turner is probably studying a competing offer to Westinghouse's offer to buy CBS. Wright also said any resumption of talks between NBC and Turner about an alliance or merger would have to await the resolution of the CBS deal. "He's got to play out his hand at CBS," Wright told reporters after a news conference. Turner has repeatedly sought to acquire a U.S. network.

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Music: Driven by strong sales from new acts such as Notorious B.I.G. and Monica, New York-based Arista Records sold more than $300 million worth of albums in the United States in the fiscal year ended June 30, the company said. Arista Chairman Clive Davis said the firm posted record revenue last year thanks to hits provided by its joint ventures with L.A. Reid & Babyface's LaFace, Dallas Austin's Rowdy and Sean (Puffy) Combs' Bad Boy Records.

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