Westinghouse Completes Infinity Purchase

Pittsburgh-based Westinghouse Electric Corp. said it has completed its $3.9-billion acquisition of Infinity Broadcasting Corp., creating a radio powerhouse. The Federal Communications Commission approved the transaction Dec. 26, completing the approval process. The deal had already been approved by the Justice Department and Westinghouse and Infinity shareholders. Westinghouse, the owner of CBS Inc., said the merger creates a CBS radio group with total revenues of about $1 billion. The group will have 79 radio stations in 17 markets. Shares of Westinghouse rose 25 cents to close at $19.875 on the NYSE.