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CBS Corp's Top Outside Shareholder Cuts Stake

  • Reuters, Monday, December 13, 2010 12:43 AM
CBS Corp's top outside shareholder has sold off most of its holdings in the broadcast television and radio company, according to a regulatory filing on Thursday Investment firm AllianceBernstein lowered its stake in CBS from about 37.4 million common shares, or about 6 percent, as of Sept. 30, 2010, to about 2.2 million shares, or less than 1 percent as of Nov. 30.

CBS is controlled by media mogul Sumner Redstone who holds a majority voting stake in the company. CBS shares are up almost 28% year-to-date as the company, home to the most-watched U.S. broadcast network, has enjoyed a rebound in advertising.

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