Contact: Colleen Roche (212) 788-2958, Deirdra L. Picou (212) 788-2971 or
Bernadette O'Leary (212) 312-3523 (EDC)
"This is an exciting time for the entertainment and media industry in New York City, and we are pleased that the CBS Corporation will be adding to the monumental growth that this industry has experienced over the last few years," said Mayor Giuliani. "New York City is the world's number-one producer and consumer of news and information and is leading the way in new media ventures. CBS is also leading the way with New York- based television shows, and we know it will continue to make news history in New York City for many years to come."
"Today's announcement makes Westinghouse/CBS the 48th Fortune 500 Corporation to make its home in New York City, as those of us who follow basketball know so well, Chicago is always boasting about its basketball team, the Chicago Bulls led by Michael Jordan. And now, that New York City has its own Michael Jordan, we thought we'd recognize that good news by awarding Mike a New York Knicks jersey. Welcome to the team," added Rudolph W. Giuliani.
"New York City is both the media capital of the world and the financial center of the world. And we intend for our new company to be a great success in the media industry and with Wall Street," said Westinghouse Electric Corporation Chairman and CEO Michael Jordan. "From our base here in New York City, CBS Corporation will be the growth company of the media industry in the 21st Century. And as the CBS Corporation grows, we expect our presence in New York City to expand as well."
Deputy Mayor for Economic Development and Planning Fran Reiter said, "Once again, New York City will remain at the forefront of the media industry. With CBS's headquarters in New York City, the company will have the opportunity to grow in an environment that offers access to top industry talent and resources. In return, New York City will benefit from the future growth of the new CBS."
"More and more companies are realizing that to prepare for success in the 21st century, it is necessary to have a major presence in New York City. In 1929, William Paley founded CBS in New York City, where for years it continued to set the industry's standards. It makes sense that as we prepare to enter a new era, CBS returns back to the place that helped make it the Tiffany network," said EDC President and IDA Chairman Charles Millard.
The company had considered other locations, including Hollywood, California, Pittsburgh, Pennsylvania and Westchester County, NY, before deciding on New York City. The move is expected to take place this summer after the spin-off of Westinghouse's industrial businesses is completed. CBS Corporation will be the only parent company of the major networks located in New York City. Westinghouse Electric Company, which includes all of the company's industrial businesses, will remain headquartered in Pittsburgh. The new CBS headquarters will be located at the CBS building at 51 West 52nd Street.
Westinghouse is the nation's largest television and radio station operator after buying CBS Inc. in 1995 and Infinity Broadcasting Corp. this past year. CBS currently produces The LATE SHOW with DAVID LETTERMAN, two daytime soaps and the new hit show Cosby in New York City. All principal CBS News broadcasts originate from New York City, including CBS NEWS WITH DAN RATHER, 60 Minutes and 48 hours. CBS is also introducing a new New York City-based show, Feds, this season. In addition, CBS owns and operates seven radio stations in New York City, including WCBS-AM, WCBS-FM, WINS-AM, WNEW-FM, WFAN-AM and WXRK-FM.
EDC is the City's primary vehicle for economic development services. Using its real estate and financial resources, EDC helps develop businesses and create jobs throughout the five boroughs.
This summer, after the spin-off of Westinghouse's industrial businesses is completed, Westinghouse/CBS will officially move to New York City. It will be what the stock market likes to call a "pure play" -- a total media company. I prefer to call it a smart move to the media capital of the world.
As the largest TV and radio broadcaster in the U.S., it makes sense that Westinghouse/CBS is coming back to New York City -- the world's number-one producer and consumer of news and information. And since, CBS already leads the way with New York City-based television shows, it also makes sense to locate its parent company here.
Today's announcement makes Westinghouse/CBS the 48th Fortune 500 Corporation to make its home in New York City. As those of us who follow basketball know so well, Chicago is always boasting about its basketball team, led by Michael Jordan. And now, since New York City has its own Michael Jordan, we thought we'd recognize that good news by awarding Mike this New York Knicks jersey.