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CBS to buy college sports network

CBS, which is about to split away from the Viacom Inc. media conglomerate, already has made its first acquisition deal, agreeing to pay $325 million for a 2-year-old college sports network, CSTV Networks Inc., AP reported. CBS plans to pay for the company with stock in CBS Corp., one of the two companies to be created by the end of the year when Viacom splits itself up.

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