Turner Bid for CBS Clears SEC

The Securities and Exchange Commission today approved Ted Turner’s $5.4 billion bid to buy CBS Inc., clearing the way for him to begin mailing information on its exchange offer to CBS shareholders.

The Turner Broadcasting System Inc. said it will soon begin mailing the prospectus on its offer to CBS shareholders. The next major hurdles the media entrepreneur must clear are possible legislative reviews and, finally, approval from the Federal Communications Commission.