The Peacock May Be A Little Too Proud

`Assets will always find asses," jokes Howard Stringer when he's asked whether CBS Inc. or the other TV networks are about to be sold. For the president of CBS Broadcast Group, known for his puckish wit, that's an easy way to duck the chronic speculation about the future of his network and its rivals, ABC and NBC. Yet Stringer's remark fairly well sums up the recent hysteria in the media business. In the wake of General Electric Co.'s public flirtation with selling NBC, media watchers have burned with questions about network deals: Who's selling, who's buying, and for how much?

The answer is: Nobody. At least, not for now. Despite the steady drip of rumors and frantic jockeying by various players, NBC seems no closer to a deal than when it began discussions with Time Warner Inc. and other companies weeks ago. Meanwhile, Chairman Laurence A. Tisch's insistence on a high price for CBS has put that network out of reach for most prospective buyers. So far, the great Network Shuffle has been all talk, no walk. And some of the participants look downright silly.