After the Original Westinghouse acquired CBS Inc. in 1995 from Laurence Tisch, it was about ready to transform itself from an industrial company into a media giant. Starting in 1996, it did just that, selling off many of its non-media assets that came with them.
In 1997, Westinghouse acquired Infinity Broadcasting and was reorganized as the first CBS Corporation, taking on the name of the broadcasting network. This, however, ended the reign of the name that had been associated with America for 111 years.
In 1998, CBS Corporation established a brand licensing subsidiary Westinghouse Licensing Corporation (Westinghouse Electric Corporation); the original Westinghouse name had recognition in the consumer marketplace and so had a value apart from any actual manufacturing company under that name.
In 1999, CBS Corporation sold all of its nuclear businesses to BNFL. Soon after, BNFL gained license rights on the Westinghouse trademarks and they used those to reorganize their acquired assets as Westinghouse Electric Company LLC. That company was later sold to the Toshiba Group in 2007.
In 2000, CBS Corporation was absorbed into Viacom, thus shutting down all what's left of the "Original Westinghouse" for good. The Westinghouse licensing division was included in the merger, and Viacom had now gotten control of the Westinghouse trademarks. However, in 2005, Viacom changed its name to CBS Corporation, and spun-off a new company under the Viacom name. The current CBS Corporation continues to operate the Westinghouse Licensing Corporation today.
Since 1998, Westinghouse Licensing Corporation has licensed the famous brand for use on a multitude of products, some (though not all) of which were in similar categories to those sold by the historic version of the company. Though these products advertise the Westinghouse name, they are neither manufactured by the historic Westinghouse company nor may necessarily meet the quality standards actively maintained by Westinghouse.
TECO-Westinghouse Motor Company (previously Westinghouse Heavy Industry Motor Division, HIMD), maintains original Westinghouse large electric motor designs and manufactures new motors & generators from 1/4 hp to 100,000 hp.