SEC Filings

Form S-4/A
CBS RADIO INC. filed this Form S-4/A on 07/10/2017
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Subdocument 1 - S-4/A - AMENDMENT NO. 2 TO FORM S-4
Page 1 - AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JULY 10, 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 - Entercom Shareholder Vote
Page 51 - Accounting Treatment and Considerations
Page 52 - N/A
Page 53 - Material U.S. Federal Income Tax Consequences of the Final Distribution and the Merger
Page 54 - Comparison of Stockholder Rights
Page 55 - SUMMARY HISTORICAL AND PRO FORMA FINANCIAL DATA
Page 56 - N/A
Page 57 - Summary Historical Consolidated Financial Data of CBS
Page 58 - Summary Historical Consolidated Financial Data of Entercom
Page 59 - Summary Unaudited Pro Forma Condensed Consolidated Financial Data of CBS
Page 60 - CBS Summary Unaudited Pro Forma Condensed Consolidated Statement of Operations Information (in milli
Page 61 - Summary Unaudited Pro Forma Condensed Combined Statement of Operations of Entercom and CBS Radio (in
Page 62 - N/A
Page 63 - Historical Common Stock Market Price and Dividend Data
Page 64 - Wall Street Journal
Page 65 - RISK FACTORS
Page 66 - Entercom may be unable to provide the same types and level of services, digital services and resourc
Page 67 - If any of the Internal Distributions or the Final Distribution does not qualify as a transaction tha
Page 68 - CBS Radio and Entercom may be affected by significant restrictions following the Transactions in ord
Page 69 - Tendering holders of CBS Class B Common Stock may receive a reduced premium or may not receive any p
Page 70 - The trading prices of Entercom Class A Common Stock may not be an appropriate proxy for the value of
Page 71 - Following the exchange of shares of Entercom Class A Common Stock for shares of Radio Common Stock i
Page 72 - Arbitrage trading during the exchange offer could adversely impact the price of Entercom Class A Com
Page 73 - The fairness opinions obtained by the Entercom board of directors from Morgan Stanley and Centerview
Page 74 - Risks Related to Entercom and the Combined Company
Page 75 - The failure to protect CBS Radio s intellectual property could adversely impact the business, financ
Page 76 - Following the consummation of the Merger, Entercom and CBS Radio will have substantial indebtedness,
Page 77 - N/A
Page 78 - Following completion of the Merger, Entercom and its subsidiaries, including CBS Radio, may still be
Page 79 - Any decline in the ratings of Entercom s long-term debt could adversely affect its ability to access
Page 80 - CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
Page 81 - N/A
Page 82 - THE EXCHANGE OFFER
Page 83 - Upper Limit
Page 84 - Indicative Per-Share Values
Page 85 - N/A
Page 86 - N/A
Page 87 - Proration; Tenders for Exchange by Holders of Fewer than 100 Shares of CBS Class B Common Stock
Page 88 - Fractional Shares
Page 89 - CBS Class A Common Stock
Page 90 - Procedures for Tendering
Page 91 - Letters of transmittal for shares of CBS Class B Common Stock must be received by the exchange agent
Page 92 - Effect of Tenders
Page 93 - Determination of Validity
Page 94 - CBS will decide all questions as to the form and validity (including time of receipt) of any notice
Page 95 - When Distributed and When Issued Markets
Page 96 - Extension; Termination; Amendment
Page 97 - Method of Public Announcement
Page 98 - Material U.S. Federal Income Tax Consequences of the Final Distribution and the Merger
Page 99 - The following discussion is a summary of material U.S. federal income tax consequences of the Final
Page 100 - The Final Distribution
Page 101 - The Merger
Page 102 - Information Reporting and Backup Withholding
Page 103 - PURPORT TO BE A COMPLETE ANALYSIS OR DISCUSSION OF ALL THE POTENTIAL TAX CONSEQUENCES OF THE FINAL D
Page 104 - No broker, dealer, bank, trust company or fiduciary will be deemed to be CBS s agent or the agent of
Page 105 - N/A
Page 106 - INFORMATION ON CBS
Page 107 - INFORMATION ON CBS RADIO
Page 108 - Radio Stations
Page 109 - Events
Page 110 - The Radio Industry
Page 111 - Strong Radio Station Clusters and Local Market Scale.
Page 112 - Operating Strategy
Page 113 - Enhance Radio Clusters and Digital Assets via Selective Acquisitions.
Page 114 - INFORMATION ON ENTERCOM
Page 115 - Legal Proceedings
Page 116 - Entercom s Liquidity and Capital Resources After the Consummation of the Transactions
Page 117 - Joseph M. Field Chairman Director
Page 118 - Mark R. LaNeve Director
Page 119 - Director; Chief Operating Officer of CBS.
Page 120 - Executive Officers
Page 121 - Louise C. Kramer Chief Operating Officer.
Page 122 - FEDERAL REGULATION OF RADIO BROADCASTING
Page 123 - Newspaper-Broadcast Cross-Ownership
Page 124 - Programming And Operation
Page 125 - Technical Rules
Page 126 - Unauthorized Distribution of Copyright Content and Piracy
Page 127 - MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR CBS RADIO
Page 128 - Revenues
Page 129 - Expenses
Page 130 - The Transactions Certain Financial Projections Prepared by Entercom CBS Radio Projections,
Page 131 - Broadcasting Revenue
Page 132 - Costs and Expenses
Page 133 - Cash Flows
Page 134 - Reconciliation of Non-GAAP Measures
Page 135 - Revenues
Page 136 - Costs and Expenses
Page 137 - Benefit for Income Taxes
Page 138 - Cash Flows
Page 139 - Results of Operations 2015 versus 2014
Page 140 - Reconciliation of Non-GAAP Measures
Page 141 - Broadcasting Revenue
Page 142 - Costs and Expenses
Page 143 - Benefit (Provision) for Income Taxes
Page 144 - Investing Activities
Page 145 - N/A
Page 146 - Liquidity and Capital Resources
Page 147 - Contractual Obligations
Page 148 - Impairment of Goodwill and FCC Licenses
Page 149 - Goodwill
Page 150 - Income Taxes
Page 151 - Credit Risk
Page 152 - Collaborative Arrangement
Page 153 - Simplifying the Accounting for Measurement Period Adjustments
Page 154 - Statement of Cash Flows: Classification of Cash Receipts and Cash Payments
Page 155 - SELECTED HISTORICAL FINANCIAL DATA
Page 156 - Selected Historical Consolidated Financial Data of CBS
Page 157 - N/A
Page 158 - Selected Historical Consolidated Financial Data of Entercom
Page 159 - N/A
Page 160 - CBS CORPORATION UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Page 161 - CBS CORPORATION
Page 162 - CBS CORPORATION
Page 163 - CBS CORPORATION
Page 164 - CBS CORPORATION
Page 165 - N/A
Page 166 - ENTERCOM AND CBS RADIO
Page 167 - ENTERCOM AND CBS RADIO
Page 168 - ENTERCOM AND CBS RADIO
Page 169 - ENTERCOM AND CBS RADIO
Page 170 - ENTERCOM AND CBS RADIO
Page 171 - N/A
Page 172 - N/A
Page 173 - N/A
Page 174 - N/A
Page 175 - N/A
Page 176 - N/A
Page 177 - HISTORICAL PER SHARE DATA, MARKET PRICE AND DIVIDEND DATA
Page 178 - Wall Street Journal
Page 179 - CBS Dividend Policy
Page 180 - THE TRANSACTIONS
Page 181 - Radio Reorganization
Page 182 - Merger
Page 183 - N/A
Page 184 - Determination of Number of Shares of Radio Common Stock to be Distributed to Holders of CBS Class B
Page 185 - N/A
Page 186 - N/A
Page 187 - N/A
Page 188 - N/A
Page 189 - N/A
Page 190 - Opinion of Morgan Stanley Co. LLC
Page 191 - Opinion of Morgan Stanley Co. LLC
Page 192 - N/A
Page 193 - N/A
Page 194 - N/A
Page 195 - Entercom s Reasons for the Transactions
Page 196 - N/A
Page 197 - N/A
Page 198 - N/A
Page 199 - Opinions of Entercom s Financial Advisors
Page 200 - N/A
Page 201 - Summary of Financial Analyses
Page 202 - Comparable Company Analysis
Page 203 - N/A
Page 204 - Selected Precedent Transactions Analysis
Page 205 - Other Factors
Page 206 - Pro Forma Merger Analysis
Page 207 - General
Page 208 - Opinion of Centerview Partners LLC
Page 209 - N/A
Page 210 - N/A
Page 211 - Summary of Centerview Financial Analysis
Page 212 - Selected Public Comparable Companies Analysis
Page 213 - Selected Precedent Transactions Analysis
Page 214 - N/A
Page 215 - Discounted Cash Flow Analysis
Page 216 - Other Factors
Page 217 - General
Page 218 - Certain Financial Projections Prepared by Entercom
Page 219 - CBS Radio Provided Financial Information
Page 220 - Entercom Projections
Page 221 - Combined Company Projections(1)
Page 222 - N/A
Page 223 - Entercom s Shareholders Meeting
Page 224 - N/A
Page 225 - N/A
Page 226 - Interests of CBS s and CBS Radio s Directors and Executive Officers in the Transactions
Page 227 - Executive Employment Arrangements with Matthew Siegel
Page 228 - Positions Following the Closing of the Merger
Page 229 - Interests of Entercom s Directors and Executive Officers in the Transactions
Page 230 - N/A
Page 231 - Accounting Treatment and Considerations
Page 232 - N/A
Page 233 - N/A
Page 234 - Regulatory Approvals
Page 235 - THE MERGER AGREEMENT
Page 236 - Exchange of Per Share Merger Consideration
Page 237 - Treatment of Specified CBS Compensatory Equity-Based Awards Held by Current CBS Radio Employees
Page 238 - Termination of the Exchange Fund
Page 239 - N/A
Page 240 - Representations and Warranties
Page 241 - N/A
Page 242 - Conduct of Business Pending Closing
Page 243 - N/A
Page 244 - N/A
Page 245 - N/A
Page 246 - N/A
Page 247 - Tax Matters
Page 248 - Shareholders Meeting
Page 249 - N/A
Page 250 - No Solicitation
Page 251 - N/A
Page 252 - N/A
Page 253 - Financing
Page 254 - Employment and Benefits Matters
Page 255 - CBS Brands License Agreements
Page 256 - Certain Other Covenants and Agreements
Page 257 - Conditions to the Merger
Page 258 - N/A
Page 259 - Termination
Page 260 - Effect of Termination
Page 261 - Specific Performance
Page 262 - N/A
Page 263 - THE SEPARATION AGREEMENT
Page 264 - N/A
Page 265 - N/A
Page 266 - N/A
Page 267 - Covenants
Page 268 - Litigation Matters
Page 269 - Intellectual Property Matters
Page 270 - Insurance Matters
Page 271 - Common Agreements
Page 272 - Indemnification by CBS
Page 273 - Matters Relating to Employees
Page 274 - N/A
Page 275 - OTHER AGREEMENTS AND OTHER RELATED PARTY TRANSACTIONS
Page 276 - Transition Services Agreement
Page 277 - Joint Digital Services Agreement
Page 278 - Voting Agreement
Page 279 - Field Family Side Letter Agreement
Page 280 - Advertising Side Letter Agreement
Page 281 - Trademark License Agreement (TV Station Brands)
Page 282 - Trademark License Agreement (CBS SPORTS RADIO Brand)
Page 283 - Collaborative Arrangement.
Page 284 - DESCRIPTION OF ENTERCOM CAPITAL STOCK
Page 285 - Preferred Stock
Page 286 - N/A
Page 287 - Listing
Page 288 - OWNERSHIP OF ENTERCOM COMMON STOCK
Page 289 - N/A
Page 290 - COMPARISON OF RIGHTS OF HOLDERS OF CBS COMMON STOCK AND ENTERCOM COMMON STOCK
Page 291 - N/A
Page 292 - N/A
Page 293 - N/A
Page 294 - N/A
Page 295 - N/A
Page 296 - N/A
Page 297 - N/A
Page 298 - N/A
Page 299 - N/A
Page 300 - Certain Anti-Takeover Effects of Provisions of the Entercom Articles, the Entercom Bylaws and Pennsy
Page 301 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Page 302 - N/A
Page 303 - N/A
Page 304 - N/A
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 - CBS RADIO INC.
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 - Report of Independent Registered Public Accounting Firm
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 INC.
Page 338 - CBS RADIO INC.
Page 339 - CBS RADIO INC.
Page 340 - CBS RADIO INC.
Page 341 - CBS RADIO INC.
Page 342 - CBS RADIO INC.
Page 343 - CBS RADIO INC.
Page 344 - CBS RADIO INC.
Page 345 - CBS RADIO
Page 346 - ANNEX A-1
Page 347 - N/A
Page 348 - /s/ Christopher Bartlett
Page 349 - ANNEX A-2
Page 350 - N/A
Page 351 - N/A
Page 352 - N/A
Page 353 - THE INFORMATION AGENT FOR THE EXCHANGE OFFER IS:
Page 354 - PART II
Page 355 - Item 22. Undertakings.
Page 356 - N/A
Page 357 - SIGNATURES
Page 358 - EXHIBIT INDEX
Page 359 - 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-99.11 - EX-99.11
Page 1 - Exhibit 99.11
Subdocument 8 - EX-99.12 - EX-99.12
Page 1 - Exhibit 99.12
Subdocument 9 - EX-99.13 - EX-99.13
Page 1 - Exhibit 99.13
Subdocument 10 - EX-99.14 - EX-99.14
Page 1 - Exhibit 99.14

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