CBS to Buy College Sports Network CSTV

Marking its entry into the competitive field of cable sports, CBS said it was buying College Sports Television Networks Inc. for $325 million in a stock transaction expected to be completed early next year, after CBS parent Viacom Inc. splits into two companies.

The deal is likely to be the first major acquisition for the new CBS Corp. under Chief Executive Leslie Moonves.

CSTV founder Brian Bedol would continue to manage the operation, which has nearly 15 million cable subscribers and a network of 250 official college athletic websites. The company also has plans to launch regional college sports networks.

*

-- Meg James