CBS Stock Up $3.62 a Share Amid Sen. Helms’ Bid to Gain Control

CBS Inc.’s stock has risen $3.62 a share and has been more actively traded since Sen. Jesse Helms (R-N.C.) began encouraging conservatives to buy the television network’s stock to combat what he calls its “liberal bias.”

But industry analysts said Monday that they do not believe Helms and his supporters could gain control of CBS, which has 29.7 million shares outstanding. The stock closed at $77.50 Monday.

“I just don’t think it’s possible for them to get control or a controlling voice in a company as big as CBS,” said Stanley Fishman, an analyst with the investment firm Fahnestock & Co.

Fred Anschel, an analyst with Dean Witter Reynolds Inc., said: “It (the stock price) has been going up on increased volume. The assumption was that he really got some people to buy stock.” Just over 1.2 million CBS shares traded hands last week, against 628,700 the week before, Anschel said.

He said the stock had risen $3.62 1/2 a share since Jan. 10, when it was reported that Helms was planning to begin a mail campaign urging conservatives to purchase CBS stock and try to change the network’s coverage.