The announcement was made by Leslie Moonves, chairman of CBS and co-president and co-chief operating officer of Viacom Inc.
CBS is acquiring CSTV Networks, Inc. for $325million. The deal is likely to close in early January 2006, after certain governmental approvals are obtained and following the split of Viacom into two entities, expected by the end of 2005.
The new cable programming operation will be operated by its founder and CEO, Brian Bedol, who will report to Moonves.
The acquisition includes a digital cable network featuring 30 men's and women's college sports events and nearly 15 million subscribers. There are license deals that include numerous sports agreements with colleges, universities and conferences.
The deal also covers online properties consisting of a network of more than 250 official college athletic websites - each maintained and managed by CSTV.
Also included are Regional College Sports Networks to be launched in 2006.
