CBS Completes King World Deal

CBS Corp., one of the biggest television and radio broadcasters, said it has completed its purchase of King World Productions Inc., the largest TV syndication company, for about $3.21 billion in stock. After about two months of delays, King World said 99% of its shareholders who cast ballots approved the sale to CBS. King World shareholders will get 0.81 of a share of CBS common stock for each of their King World shares. That’s about $42.98 a share, or 2.6% higher than King World’s closing stock price Friday. Completion of the King World purchase comes as CBS itself prepares to be acquired by Viacom Inc., the fifth-biggest media company, for about $40 billion in stock.