Television: Taking Aim At Cbs

The schematic eye that CBS uses as its television symbol seemed almost to blink and grow bleary last week. Since January the big broadcasting conglomerate (1984 sales: $4.9 billion) has been under attack from Fairness in Media, a conservative group endorsed by North Carolina Senator Jesse Helms. It wants to acquire the company in order to eliminate what the right-wing outfit calls the television network's predominantly liberal bias. At week's end CBS appeared headed for more troubles after rumors started that Ted Turner, the flamboyant chairman of Atlanta-based Turner Broadcasting System, was about to attempt a hostile takeover. Those reports pushed stock of CBS up $4 on Friday, to 88 1/2.

An attorney for Turner Broadcasting (estimated 1984 sales: $300 million) met with FCC commissioners last week and supposedly discussed the possible acquisition of CBS. Turner denied that the talks concerned a CBS buy-out. He said Charles Ferris, a Turner attorney, had made inquiries to the FCC about license- transfer procedures and that the talks were "not related to any particular broadcast group." On Wall Street, analysts doubted Turner had the financial clout to launch a successful fight for CBS.