SEC Filings

Form S-4/A
CBS RADIO INC. filed this Form S-4/A on 05/30/2017
Document Outline
Entire Document (3653.6 KB)
Subdocument 1 - S-4/A - AMENDMENT NO. 1 TO FORM S-4
Page 1 - AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MAY 30, 2017
Page 2 - N/A
Page 3 - EXPLANATORY NOTE
Page 4 - The information in this document may change. The exchange offer and issuance of securities being reg
Page 5 - The final exchange ratio used to determine the number of shares of Radio Common Stock that you will
Page 6 - TABLE OF CONTENTS
Page 7 - N/A
Page 8 - N/A
Page 9 - N/A
Page 10 - This document incorporates by reference important business and financial information about CBS and E
Page 11 - QUESTIONS AND ANSWERS ABOUT THE EXCHANGE OFFER AND THE TRANSACTIONS
Page 12 - N/A
Page 13 - N/A
Page 14 - N/A
Page 15 - N/A
Page 16 - N/A
Page 17 - N/A
Page 18 - N/A
Page 19 - N/A
Page 20 - N/A
Page 21 - N/A
Page 22 - N/A
Page 23 - N/A
Page 24 - N/A
Page 25 - N/A
Page 26 - Questions and Answers About the Transactions
Page 27 - N/A
Page 28 - N/A
Page 29 - N/A
Page 30 - N/A
Page 31 - N/A
Page 32 - N/A
Page 33 - SUMMARY
Page 34 - Constitution Merger Sub Corp.
Page 35 - CBS Radio Reorganization
Page 36 - Merger
Page 37 - Contribution of Entercom Radio, LLC to CBS Radio
Page 38 - N/A
Page 39 - CBS s Reasons for the Transactions
Page 40 - Opinions of Entercom s Financial Advisors
Page 41 - Opinion of Centerview Partners LLC
Page 42 - N/A
Page 43 - Termination; Extension
Page 44 - Proration; Tenders for Exchange by Holders of Fewer than 100 Shares of CBS Class B Common Stock
Page 45 - Delivery of Shares of Radio Common Stock
Page 46 - When Distributed and When Issued Markets
Page 47 - No Appraisal or Dissenters Rights
Page 48 - Legal Limitations; Certain Matters Relating to Non-U.S. Jurisdictions
Page 49 - Board of Directors and Management of Entercom Following the Transactions
Page 50 - Accounting Treatment and Considerations
Page 51 - Material U.S. Federal Income Tax Consequences of the Final Distribution and the Merger
Page 52 - Comparison of Stockholder Rights
Page 53 - SUMMARY HISTORICAL AND PRO FORMA FINANCIAL DATA
Page 54 - N/A
Page 55 - Summary Historical Consolidated Financial Data of CBS
Page 56 - Summary Historical Consolidated Financial Data of Entercom
Page 57 - Summary Unaudited Pro Forma Condensed Consolidated Financial Data of CBS
Page 58 - CBS Summary Unaudited Pro Forma Condensed Consolidated Statement of Operations Information (in milli
Page 59 - Summary Unaudited Pro Forma Condensed Combined Statement of Operations of Entercom and CBS Radio (in
Page 60 - N/A
Page 61 - Historical Common Stock Market Price and Dividend Data
Page 62 - Wall Street Journal
Page 63 - RISK FACTORS
Page 64 - Entercom may be unable to provide the same types and level of services, digital services and resourc
Page 65 - If any of the Internal Distributions or the Final Distribution does not qualify as a transaction tha
Page 66 - CBS Radio and Entercom may be affected by significant restrictions following the Transactions in ord
Page 67 - Tendering holders of CBS Class B Common Stock may receive a reduced premium or may not receive any p
Page 68 - The trading prices of Entercom Class A Common Stock may not be an appropriate proxy for the value of
Page 69 - Following the exchange of shares of Entercom Class A Common Stock for shares of Radio Common Stock i
Page 70 - Arbitrage trading during the exchange offer could adversely impact the price of Entercom Class A Com
Page 71 - The fairness opinions obtained by the Entercom board of directors from Morgan Stanley and Centerview
Page 72 - Risks Related to Entercom and the Combined Company
Page 73 - The failure to protect CBS Radio s intellectual property could adversely impact the business, financ
Page 74 - Following the consummation of the Merger, Entercom and CBS Radio will have substantial indebtedness,
Page 75 - N/A
Page 76 - Following completion of the Merger, Entercom and its subsidiaries, including CBS Radio, may still be
Page 77 - Any decline in the ratings of Entercom s long-term debt could adversely affect its ability to access
Page 78 - CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
Page 79 - N/A
Page 80 - THE EXCHANGE OFFER
Page 81 - Upper Limit
Page 82 - Indicative Per-Share Values
Page 83 - N/A
Page 84 - N/A
Page 85 - Proration; Tenders for Exchange by Holders of Fewer than 100 Shares of CBS Class B Common Stock
Page 86 - Fractional Shares
Page 87 - CBS Class A Common Stock
Page 88 - Procedures for Tendering
Page 89 - Letters of transmittal for shares of CBS Class B Common Stock must be received by the exchange agent
Page 90 - Effect of Tenders
Page 91 - Determination of Validity
Page 92 - CBS will decide all questions as to the form and validity (including time of receipt) of any notice
Page 93 - When Distributed and When Issued Markets
Page 94 - Extension; Termination; Amendment
Page 95 - Method of Public Announcement
Page 96 - Material U.S. Federal Income Tax Consequences of the Final Distribution and the Merger
Page 97 - The following discussion is a summary of material U.S. federal income tax consequences of the Final
Page 98 - The Final Distribution
Page 99 - The Merger
Page 100 - Information Reporting and Backup Withholding
Page 101 - PURPORT TO BE A COMPLETE ANALYSIS OR DISCUSSION OF ALL THE POTENTIAL TAX CONSEQUENCES OF THE FINAL D
Page 102 - No broker, dealer, bank, trust company or fiduciary will be deemed to be CBS s agent or the agent of
Page 103 - N/A
Page 104 - INFORMATION ON CBS
Page 105 - INFORMATION ON CBS RADIO
Page 106 - Radio Stations
Page 107 - Events
Page 108 - The Radio Industry
Page 109 - Strong Radio Station Clusters and Local Market Scale.
Page 110 - Operating Strategy
Page 111 - Enhance Radio Clusters and Digital Assets via Selective Acquisitions.
Page 112 - INFORMATION ON ENTERCOM
Page 113 - Legal Proceedings
Page 114 - Entercom s Liquidity and Capital Resources After the Consummation of the Transactions
Page 115 - Joseph M. Field Chairman Director
Page 116 - Mark R. LaNeve Director
Page 117 - Executive Officers
Page 118 - FEDERAL REGULATION OF RADIO BROADCASTING
Page 119 - Newspaper-Broadcast Cross-Ownership
Page 120 - Programming And Operation
Page 121 - Technical Rules
Page 122 - Unauthorized Distribution of Copyright Content and Piracy
Page 123 - MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR CBS RADIO
Page 124 - Revenues
Page 125 - Expenses
Page 126 - Reconciliation of Non-GAAP Measures
Page 127 - Local Advertising
Page 128 - Selling, General and Administrative Expenses
Page 129 - Operating Activities.
Page 130 - Reconciliation of Non-GAAP Measures
Page 131 - Broadcasting Revenue
Page 132 - Costs and Expenses
Page 133 - Benefit for Income Taxes
Page 134 - Cash Flows
Page 135 - Results of Operations 2015 versus 2014
Page 136 - Reconciliation of Non-GAAP Measures
Page 137 - Broadcasting Revenue
Page 138 - Costs and Expenses
Page 139 - Benefit (Provision) for Income Taxes
Page 140 - Investing Activities
Page 141 - N/A
Page 142 - Liquidity and Capital Resources
Page 143 - Contractual Obligations
Page 144 - Impairment of Goodwill and FCC Licenses
Page 145 - Goodwill
Page 146 - Income Taxes
Page 147 - Credit Risk
Page 148 - Collaborative Arrangement
Page 149 - Simplifying the Accounting for Measurement Period Adjustments
Page 150 - Statement of Cash Flows: Classification of Cash Receipts and Cash Payments
Page 151 - SELECTED HISTORICAL FINANCIAL DATA
Page 152 - Selected Historical Consolidated Financial Data of CBS
Page 153 - N/A
Page 154 - Selected Historical Consolidated Financial Data of Entercom
Page 155 - N/A
Page 156 - CBS CORPORATION UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Page 157 - CBS CORPORATION
Page 158 - CBS CORPORATION
Page 159 - CBS CORPORATION
Page 160 - CBS CORPORATION
Page 161 - N/A
Page 162 - ENTERCOM AND CBS RADIO
Page 163 - ENTERCOM AND CBS RADIO
Page 164 - ENTERCOM AND CBS RADIO
Page 165 - ENTERCOM AND CBS RADIO
Page 166 - ENTERCOM AND CBS RADIO
Page 167 - N/A
Page 168 - N/A
Page 169 - N/A
Page 170 - N/A
Page 171 - N/A
Page 172 - N/A
Page 173 - HISTORICAL PER SHARE DATA, MARKET PRICE AND DIVIDEND DATA
Page 174 - Wall Street Journal
Page 175 - CBS Dividend Policy
Page 176 - THE TRANSACTIONS
Page 177 - Radio Reorganization
Page 178 - Merger
Page 179 - N/A
Page 180 - Determination of Number of Shares of Radio Common Stock to be Distributed to Holders of CBS Class B
Page 181 - N/A
Page 182 - N/A
Page 183 - N/A
Page 184 - N/A
Page 185 - N/A
Page 186 - N/A
Page 187 - N/A
Page 188 - N/A
Page 189 - N/A
Page 190 - N/A
Page 191 - Entercom s Reasons for the Transactions
Page 192 - N/A
Page 193 - N/A
Page 194 - Opinions of Entercom s Financial Advisors
Page 195 - The full text of the written opinion of Morgan Stanley, dated as of February 2, 2017, which sets for
Page 196 - N/A
Page 197 - Summary of Financial Analyses
Page 198 - Comparable Company Analysis
Page 199 - N/A
Page 200 - Selected Precedent Transactions Analysis
Page 201 - Other Factors
Page 202 - Entercom Trading Range and Research Targets
Page 203 - General
Page 204 - Opinion of Centerview Partners LLC
Page 205 - N/A
Page 206 - N/A
Page 207 - Summary of Centerview Financial Analysis
Page 208 - Selected Radio/Television Companies
Page 209 - Selected Precedent Transactions Analysis
Page 210 - N/A
Page 211 - Discounted Cash Flow Analysis
Page 212 - Other Factors
Page 213 - General
Page 214 - Certain Financial Projections Prepared by Entercom
Page 215 - CBS Radio Provided Financial Information
Page 216 - Entercom Projections
Page 217 - Combined Company Projections(1)
Page 218 - N/A
Page 219 - Entercom s Shareholders Meeting
Page 220 - N/A
Page 221 - N/A
Page 222 - Interests of CBS s and CBS Radio s Directors and Executive Officers in the Transactions
Page 223 - Executive Employment Arrangements with Matthew Siegel
Page 224 - Positions Following the Closing of the Merger
Page 225 - N/A
Page 226 - Accounting Treatment and Considerations
Page 227 - Regulatory Approvals
Page 228 - Federal Securities Law Consequences; Resale Restrictions
Page 229 - THE MERGER AGREEMENT
Page 230 - Exchange of Per Share Merger Consideration
Page 231 - Treatment of Specified CBS Compensatory Equity-Based Awards Held by Current CBS Radio Employees
Page 232 - Termination of the Exchange Fund
Page 233 - N/A
Page 234 - Representations and Warranties
Page 235 - N/A
Page 236 - Conduct of Business Pending Closing
Page 237 - N/A
Page 238 - N/A
Page 239 - N/A
Page 240 - N/A
Page 241 - Tax Matters
Page 242 - Shareholders Meeting
Page 243 - N/A
Page 244 - No Solicitation
Page 245 - N/A
Page 246 - N/A
Page 247 - Financing
Page 248 - Employment and Benefits Matters
Page 249 - CBS Brands License Agreements
Page 250 - Certain Other Covenants and Agreements
Page 251 - Conditions to the Merger
Page 252 - N/A
Page 253 - Termination
Page 254 - Effect of Termination
Page 255 - Specific Performance
Page 256 - THE SEPARATION AGREEMENT
Page 257 - The Final Distribution
Page 258 - N/A
Page 259 - N/A
Page 260 - Covenants
Page 261 - Litigation Matters
Page 262 - Intellectual Property Matters
Page 263 - Insurance Matters
Page 264 - Common Agreements
Page 265 - Indemnification by CBS
Page 266 - N/A
Page 267 - Matters Relating to Employees
Page 268 - OTHER AGREEMENTS AND OTHER RELATED PARTY TRANSACTIONS
Page 269 - Transition Services Agreement
Page 270 - Joint Digital Services Agreement
Page 271 - Voting Agreement
Page 272 - Field Family Side Letter Agreement
Page 273 - Advertising Side Letter Agreement
Page 274 - Trademark License Agreement (TV Station Brands)
Page 275 - Trademark License Agreement (CBS SPORTS RADIO Brand)
Page 276 - Collaborative Arrangement.
Page 277 - DESCRIPTION OF ENTERCOM CAPITAL STOCK
Page 278 - Preferred Stock
Page 279 - N/A
Page 280 - Listing
Page 281 - OWNERSHIP OF ENTERCOM COMMON STOCK
Page 282 - N/A
Page 283 - COMPARISON OF RIGHTS OF HOLDERS OF CBS COMMON STOCK AND ENTERCOM COMMON STOCK
Page 284 - N/A
Page 285 - N/A
Page 286 - N/A
Page 287 - N/A
Page 288 - N/A
Page 289 - N/A
Page 290 - N/A
Page 291 - N/A
Page 292 - N/A
Page 293 - Certain Anti-Takeover Effects of Provisions of the Entercom Articles, the Entercom Bylaws and Pennsy
Page 294 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Page 295 - N/A
Page 296 - N/A
Page 297 - CBS RADIO INC.
Page 298 - CBS RADIO INC.
Page 299 - CBS RADIO INC.
Page 300 - CBS RADIO INC.
Page 301 - CBS RADIO INC.
Page 302 - CBS RADIO INC.
Page 303 - CBS RADIO INC.
Page 304 - CBS RADIO INC.
Page 305 - CBS RADIO INC.
Page 306 - CBS RADIO INC.
Page 307 - CBS RADIO INC.
Page 308 - CBS RADIO INC.
Page 309 - CBS RADIO INC.
Page 310 - Report of Independent Registered Public Accounting Firm
Page 311 - CBS RADIO INC.
Page 312 - CBS RADIO INC.
Page 313 - CBS RADIO INC.
Page 314 - CBS RADIO INC.
Page 315 - CBS RADIO INC.
Page 316 - CBS RADIO INC.
Page 317 - CBS RADIO INC.
Page 318 - CBS RADIO INC.
Page 319 - CBS RADIO INC.
Page 320 - CBS RADIO INC.
Page 321 - CBS RADIO INC.
Page 322 - CBS RADIO INC.
Page 323 - CBS RADIO INC.
Page 324 - CBS RADIO INC.
Page 325 - CBS RADIO INC.
Page 326 - CBS RADIO INC.
Page 327 - CBS RADIO INC.
Page 328 - CBS RADIO INC.
Page 329 - CBS RADIO INC.
Page 330 - CBS RADIO INC.
Page 331 - CBS RADIO INC.
Page 332 - CBS RADIO INC.
Page 333 - CBS RADIO INC.
Page 334 - CBS RADIO INC.
Page 335 - CBS RADIO INC.
Page 336 - CBS RADIO INC.
Page 337 - CBS RADIO
Page 338 - ANNEX A-1
Page 339 - N/A
Page 340 - /s/ Christopher Bartlett
Page 341 - ANNEX A-2
Page 342 - N/A
Page 343 - N/A
Page 344 - N/A
Page 345 - THE INFORMATION AGENT FOR THE EXCHANGE OFFER IS:
Page 346 - PART II
Page 347 - Item 22. Undertakings.
Page 348 - N/A
Page 349 - SIGNATURES
Page 350 - EXHIBIT INDEX
Page 351 - Exhibit No.
Subdocument 2 - EX-23.1 - EX-23.1
Page 1 - Exhibit 23.1
Subdocument 3 - EX-23.2 - EX-23.2
Page 1 - Exhibit 23.2
Subdocument 4 - EX-23.3 - EX-23.3
Page 1 - Exhibit 23.3
Subdocument 5 - EX-23.7 - EX-23.7
Page 1 - Exhibit 23.7
Subdocument 6 - EX-23.8 - EX-23.8
Page 1 - Exhibit 23.8
Subdocument 7 - EX-24.6 - EX-24.6
Page 1 - Exhibit 24.6

© 2017 CBS Corporation and CBS Broadcasting Inc. All Rights Reserved