I've confirmed ("superconfirmed?"

) that WW1 programming has exited the Galleria. It's as close to lock solid as if I was actually there watching it happen.
There are some gray areas about the new station's launch and things surrounding it, but not this. WW1 programming is gone from 850/1540.
I don't think CBS merges with SNR, though I won't rule it out. The rumors (RUMORS, not confirmed) I'm hearing and have talked about involve CBS potentially launching its OWN programming in the overnight, feeding its own sports stations, much like KMOX-based "Overnight America" does the same for its talk stations.
One problem with this, of course, sports rivalries - as one reader pointed out to me yesterday. Who listening in Cleveland wants to hear an overnight sports show produced out of Pittsburgh, or vice versa? They'll have to walk carefully here. It's not a problem the talk stations have.
About the PBP - CBS WILL go after it, and it looks like they are willing to build the station without it until the first contract comes up (I believe that's the Browns in 2013). They'll wait. And when that Browns deal is up with CC, CBS will all but hold a parade to try to get the Browns rights from WMMS/WTAM.
Karmazin couldn't afford to buy a Browns helmet, let alone go after the team rights. And he has no FM. And it's quite evident that, unless he reacts to this and borrows some money, he will never.
CBS could afford anything. And if they're starting a major sports station, which they are, they NEED those rights.
Oddly enough, some years ago, CBS was slowly backing away from PBP contracts. Then, their sports stations started growing, and they're back at the table with nearly a blank check.
Someone reminded me yesterday that CBS swiped the biggest sports property in Dallas, the Cowboys, away from Cumulus' iconic "1310 The Ticket" this past year. You need bank for that move.