Westinghouse Electric to Become CBS Today

Westinghouse Electric Corp. will become CBS Corp. and move its headquarters from Pittsburgh to New York City today as part of the company’s shift to media from its industrial roots. The company, founded 111 years ago as a maker of air brakes for trains, is assuming the name of the broadcast TV network it bought two years ago for $5.4 billion. Since then, Westinghouse has moved deeper into radio and TV, spending more than $9 billion to acquire stations. It plans to sell the last of its industrial assets by mid-1998. It will retain its radio business, the nation’s largest and its most profitable division, its 14 TV stations and its growing cable-TV networks.