COMPANY TOWN ANNEX

CBS Stock Rises on New Takeover Rumors: Shares of the company rose 6% on speculation that Westinghouse Electric Corp. is interested in buying the network. The stock jumped after CNBC Correspondent Dan Dorfman said Westinghouse was interested in making an offer for $5.1 billion, or $83 a share, in cash. CBS Inc. shares gained $4.125, closing at $69.75 in heavy trading of 749,000 shares, three times the average volume. Dorfman, who in April predicted a similar bid, said Westinghouse has lined up one large Northeastern bank to finance the deal. Talk of a CBS purchase by Westinghouse made the rounds last week at the annual entertainment conference in Sun Valley, Ida., held for Hollywood’s biggest powerbrokers by New York media investment banker Herbert Allen. Among those invited were Laurence Tisch, CBS’ chairman, who owns 20% of the network. Said one CBS investor about the rumors: “I think it’s a real possibility. I would be ecstatic.”