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An offer by CBS to donate one of its midtown New York buildings to a startup digital television project is now in limbo as the company mulls putting the property up for sale instead, a network spokesman confirmed last week.
In June, officials from CBS, New York brokerage firm Bear Stearns and the prestigious New York City Investment Fund–a $50 million job development organization started by Wall Street financiers Henry Kravis and David Rockerfeller–were quoted in New York’s Daily News saying that the deal to finance and house the high tech venture, dubbed TeleMedia City, was done.
But sources familiar with the deal began hearing earlier this month that CBS had backed out and that it was instead seeking to cash in on Manhattan’s humming real estate market.
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