CBS Releases Holders List to Helms’ Group

CBS Inc. released a list of its shareholders Tuesday to a conservative group that has been urging supporters to buy CBS stock in order to end what it perceives as a liberal bias in CBS’ news reporting.

The group, Fairness in Media, initially sought to obtain the list through legal action, but a judge urged the group and the network to resolve the issue outside court.

CBS issued a statement Tuesday saying it released the list after reaching an agreement with Fairness in Media on restricting how the list can be used and who can see it.

In Raleigh, N.C., newspaper publisher Hoover Adams, a CBS stockholder who filed the suit on behalf of Fairness in Media, said he did not know if the list had arrived in time to allow the group to launch a proxy battle for control of CBS. But he predicted such a fight would occur eventually.

The leaders of Fairness in Media, which is associated with Sen. Jesse Helms (R-N.C.), had said previously that the group was considering a proxy fight to seek seats on CBS’ board of directors. They also said the group was considering making a tender offer for CBS.

CBS has said it would fight any takeover attempt.

Use Restricted

The network said Tuesday that Fairness in Media agreed to use the list only for soliciting shareholder proxies, a tender offer, a special meeting or other shareholder action that would bring a change in CBS’ management or policy.

The group also agreed to return all copies of the list after CBS’ annual shareholder meeting scheduled for April 17, CBS said.

The list is not to be made available to other organizations connected with Helms and will be shown only to certain members of Fairness in Media and to a professional proxy solicitation firm, CBS said.