Castle Rock Deals: Westinghouse Broadcasting bought a...

Castle Rock Deals: Westinghouse Broadcasting bought a 15% stake in Castle Rock Entertainment, an independent production firm, for $18.7 million. Columbia Pictures, which owned 40% of Castle Rock, now owns 34% of the firm. Separately, Westinghouse Credit Corp.’s Media Finance Division has provided Castle Rock with $30 million in subordinated debt. In addition, Group W and Castle Rock said they will establish a unit to produce programming for television syndication. Group W Productions will handle sales and distribution of the programming, the firms said.