CBS Buy-Back Bid Successful

CBS Inc. said today that it has successfully concluded its offer to buy back 21% of its common stock under a financial reorganization that would end broadcaster Ted Turner’s current takeover bid.

CBS said it had been tendered nearly four times the 6,365,000 shares it was seeking for $40 cash and $110 face value in notes for each share. The company said it expected to determine the shares to be accepted and begin buying them later this month.