Westinghouse to Change Name to CBS After Spinoff
Westinghouse Electric Corp. said it will be known as CBS Corp. after it spins off its industrial businesses later this year to create a pure broadcasting company.
The media company will also use the CBS “eye” as its logo. The decision to use the CBS name and logo came after a $30,000 study by corporate-identity consultant Lippincott & Margulies concluded CBS was a logical choice because it’s recognized around the world.
“The advice always came back--keep the name that has been known as a leader of the broadcasting industry from its earliest days,” Westinghouse Chairman and Chief Executive Michael Jordan said in a statement.
Westinghouse bought CBS Inc. for $5.4 billion in 1995 to become the largest U.S. broadcasting company. It then became the dominant radio chain by acquiring Infinity Broadcasting Corp. on Dec. 31.
In November, Westinghouse announced a plan to spin off its remaining industrial businesses as a separate company with its own stock and management.
The industrial firm will be named Westinghouse Electric Co. and will be based in Pittsburgh.
The media company, CBS Corp., will be headed by Jordan and remain based in New York.