Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, November 23, 1995                   TAG: 9511240036
SECTION: BUSINESS                    PAGE: B-8   EDITION: HOLIDAY 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINESS

WASHINGTON - Westinghouse Electric Corp. cleared the final obstacle to becoming the nation's largest broadcasting company, winning federal approval for its proposed $5.4 billion takeover of CBS Inc.

At a special meeting Wednesday, the Federal Communications Commission approved the transfer of CBS broadcast licenses to Westinghouse and granted rules waivers that will allow the two companies to begin operating as one immediately. The combined corporation will use the CBS name and logo for its broadcast operations.

Westinghouse expects to complete the acquisition Friday, said a source close to the companies.

The FCC action ends a wait that has cost Westinghouse $858,000 a day for almost three months. The merger agreement calls for CBS shareholders to be paid interest at 6 percent a year after Aug. 31 on the $81-a-share purchase price. Including interest, Westinghouse will pay just over $82 a share for CBS, a company spokeswoman said. CBS shareholders signed off on the merger last week.

- Bloomberg Business News

Federal contracts in Western Virginia

Three Western Virginia companies were awarded federal contracts this week:

nGovernment Contracting Resources Inc. of Forest won a $233,508 contract from the Department of Labor in Denver to provide facility maintenance services for the approval and certification center in Triadelphia, W.Va.

Virginia Transformer Corp. of Roanoke won a $363,333 contract from the Department of Energy to supply power transformers.

CR/PI LP Crane Plumbing of Fisherville won a $661,350 contract from the Defense Construction Supply Center in Columbus, Ohio, to supply plumbing, heating and sanitation equipment.

- States News Service

Briefly ...

U.S. stock and financial markets are closed today for the Thanksgiving holiday. The Roanoke Times will publish business news but no financial tables Friday. The financial report will resume with Saturday's editions.

Ford Motor Co. is recalling 51,700 Ford Crown Victoria and Mercury Grand Marquis sedans from the 1995 model year to check for improperly installed circuit breakers that could cause headlights to fail. There have been no reports of accidents or injuries related to the defect, Ford said Tuesday.