Shake-up Rumors Send CBS Stock Up $6 a Share

CBS Inc. stock rose $6 a share Thursday to close at $143 on the New York Stock Exchange, spurred by speculation that either CBS or its largest shareholder, Loews Corp., might take steps to change the company’s precarious balance of power.

Earlier this week, Loews increased its holdings to 24.9%, or “up to 25%,” as Loews Chairman Laurence A. Tisch had said last year that it would do. Tisch could not be reached for comment Thursday on rumors that Loews might either increase or sell its stake.

Two investment bankers said they believe that CBS Chairman Thomas H. Wyman is actively seeking allies. One of the bankers, who asked not to be identified, said he believes that the CBS board approached John W. Kluge, the 71-year-old Metromedia chairman who made a personal fortune from the recent sale of Metromedia’s broadcasting properties and cellular radio business.

Efforts to reach Kluge were unsuccessful, and CBS Vice President Anne Luzzatto declined to comment, other than to say that there was “no corporate announcement that would explain the activity in the stock.”

When asked if a CBS board meeting would convene prior to the next scheduled meeting on Sept. 10, Luzzatto said she could not comment further.