SEC Filings

Form S-4/A
CBS RADIO INC. filed this Form S-4/A on 08/24/2017
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Subdocument 1 - S-4/A - AMENDMENT NO. 3 TO FORM S-4
Page 1 - AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON AUGUST 24, 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 - N/A
Page 60 - Summary Unaudited Pro Forma Condensed Consolidated Financial Data of CBS
Page 61 - CBS Summary Unaudited Pro Forma Condensed Consolidated Statement of Operations Information (in milli
Page 62 - Summary Unaudited Pro Forma Condensed Combined Statement of Operations of Entercom and CBS Radio (in
Page 63 - N/A
Page 64 - Historical Common Stock Market Price and Dividend Data
Page 65 - Wall Street Journal
Page 66 - RISK FACTORS
Page 67 - Entercom may be unable to provide the same types and level of services, digital services and resourc
Page 68 - If any of the Internal Distributions or the Final Distribution does not qualify as a transaction tha
Page 69 - CBS Radio and Entercom may be affected by significant restrictions following the Transactions in ord
Page 70 - Tendering holders of CBS Class B Common Stock may receive a reduced premium or may not receive any p
Page 71 - The trading prices of Entercom Class A Common Stock may not be an appropriate proxy for the value of
Page 72 - Following the exchange of shares of Entercom Class A Common Stock for shares of Radio Common Stock i
Page 73 - Arbitrage trading during the exchange offer could adversely impact the price of Entercom Class A Com
Page 74 - The fairness opinions obtained by the Entercom board of directors from Morgan Stanley and Centerview
Page 75 - Risks Related to Entercom and the Combined Company
Page 76 - The failure to protect CBS Radio s intellectual property could adversely impact the business, financ
Page 77 - Following the consummation of the Merger, Entercom and CBS Radio will have substantial indebtedness,
Page 78 - N/A
Page 79 - Following completion of the Merger, Entercom and its subsidiaries, including CBS Radio, may still be
Page 80 - Any decline in the ratings of Entercom s long-term debt could adversely affect its ability to access
Page 81 - CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
Page 82 - N/A
Page 83 - THE EXCHANGE OFFER
Page 84 - Upper Limit
Page 85 - Indicative Per-Share Values
Page 86 - N/A
Page 87 - N/A
Page 88 - Proration; Tenders for Exchange by Holders of Fewer than 100 Shares of CBS Class B Common Stock
Page 89 - Fractional Shares
Page 90 - CBS Class A Common Stock
Page 91 - Procedures for Tendering
Page 92 - Letters of transmittal for shares of CBS Class B Common Stock must be received by the exchange agent
Page 93 - Effect of Tenders
Page 94 - Determination of Validity
Page 95 - CBS will decide all questions as to the form and validity (including time of receipt) of any notice
Page 96 - When Distributed and When Issued Markets
Page 97 - Extension; Termination; Amendment
Page 98 - Method of Public Announcement
Page 99 - Material U.S. Federal Income Tax Consequences of the Final Distribution and the Merger
Page 100 - The following discussion is a summary of material U.S. federal income tax consequences of the Final
Page 101 - The Final Distribution
Page 102 - The Merger
Page 103 - Information Reporting and Backup Withholding
Page 104 - PURPORT TO BE A COMPLETE ANALYSIS OR DISCUSSION OF ALL THE POTENTIAL TAX CONSEQUENCES OF THE FINAL D
Page 105 - No broker, dealer, bank, trust company or fiduciary will be deemed to be CBS s agent or the agent of
Page 106 - N/A
Page 107 - INFORMATION ON CBS
Page 108 - INFORMATION ON CBS RADIO
Page 109 - Radio Stations
Page 110 - Events
Page 111 - The Radio Industry
Page 112 - Strong Radio Station Clusters and Local Market Scale.
Page 113 - Operating Strategy
Page 114 - Enhance Radio Clusters and Digital Assets via Selective Acquisitions.
Page 115 - INFORMATION ON ENTERCOM
Page 116 - Legal Proceedings
Page 117 - Entercom s Liquidity and Capital Resources After the Consummation of the Transactions
Page 118 - Joseph M. Field Chairman Director
Page 119 - Mark R. LaNeve Director
Page 120 - Director; Chief Operating Officer of CBS.
Page 121 - Executive Officers
Page 122 - Louise C. Kramer Chief Operating Officer.
Page 123 - FEDERAL REGULATION OF RADIO BROADCASTING
Page 124 - Newspaper-Broadcast Cross-Ownership
Page 125 - Programming And Operation
Page 126 - Technical Rules
Page 127 - Unauthorized Distribution of Copyright Content and Piracy
Page 128 - MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR CBS RADIO
Page 129 - Revenues
Page 130 - Expenses
Page 131 - The Transactions Certain Financial Projections Prepared by Entercom CBS Radio Projections,
Page 132 - Revenues
Page 133 - Digital, Events and Other Revenue
Page 134 - Provision for Income Taxes
Page 135 - Financing Activities
Page 136 - Reconciliation of Non-GAAP Measures
Page 137 - Broadcasting Revenue
Page 138 - Costs and Expenses
Page 139 - Benefit for Income Taxes
Page 140 - Cash Flows
Page 141 - Results of Operations 2015 versus 2014
Page 142 - Reconciliation of Non-GAAP Measures
Page 143 - Broadcasting Revenue
Page 144 - Costs and Expenses
Page 145 - Benefit (Provision) for Income Taxes
Page 146 - Investing Activities
Page 147 - N/A
Page 148 - Liquidity and Capital Resources
Page 149 - Contractual Obligations
Page 150 - Impairment of Goodwill and FCC Licenses
Page 151 - Goodwill
Page 152 - Income Taxes
Page 153 - Credit Risk
Page 154 - Collaborative Arrangement
Page 155 - Disclosure of Uncertainties about an Entity s Ability to Continue as a Going Concern
Page 156 - Clarifying the Definition of a Business
Page 157 - SELECTED HISTORICAL FINANCIAL DATA
Page 158 - Selected Historical Consolidated Financial Data of CBS
Page 159 - N/A
Page 160 - Selected Historical Consolidated Financial Data of Entercom
Page 161 - N/A
Page 162 - CBS CORPORATION UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Page 163 - CBS CORPORATION
Page 164 - CBS CORPORATION
Page 165 - CBS CORPORATION
Page 166 - CBS CORPORATION
Page 167 - N/A
Page 168 - ENTERCOM AND CBS RADIO
Page 169 - ENTERCOM AND CBS RADIO
Page 170 - ENTERCOM AND CBS RADIO
Page 171 - ENTERCOM AND CBS RADIO
Page 172 - ENTERCOM AND CBS RADIO
Page 173 - N/A
Page 174 - N/A
Page 175 - N/A
Page 176 - N/A
Page 177 - N/A
Page 178 - N/A
Page 179 - HISTORICAL PER SHARE DATA, MARKET PRICE AND DIVIDEND DATA
Page 180 - Wall Street Journal
Page 181 - CBS Dividend Policy
Page 182 - THE TRANSACTIONS
Page 183 - Radio Reorganization
Page 184 - Merger
Page 185 - N/A
Page 186 - Determination of Number of Shares of Radio Common Stock to be Distributed to Holders of CBS Class B
Page 187 - N/A
Page 188 - N/A
Page 189 - N/A
Page 190 - N/A
Page 191 - N/A
Page 192 - Opinion of Morgan Stanley Co. LLC
Page 193 - Opinion of Morgan Stanley Co. LLC
Page 194 - N/A
Page 195 - N/A
Page 196 - N/A
Page 197 - Entercom s Reasons for the Transactions
Page 198 - N/A
Page 199 - N/A
Page 200 - N/A
Page 201 - Opinions of Entercom s Financial Advisors
Page 202 - N/A
Page 203 - Summary of Financial Analyses
Page 204 - Comparable Company Analysis
Page 205 - N/A
Page 206 - Selected Precedent Transactions Analysis
Page 207 - Other Factors
Page 208 - Pro Forma Merger Analysis
Page 209 - General
Page 210 - Opinion of Centerview Partners LLC
Page 211 - N/A
Page 212 - N/A
Page 213 - Summary of Centerview Financial Analysis
Page 214 - Selected Public Comparable Companies Analysis
Page 215 - Selected Precedent Transactions Analysis
Page 216 - N/A
Page 217 - Discounted Cash Flow Analysis
Page 218 - Other Factors
Page 219 - General
Page 220 - Certain Financial Projections Prepared by Entercom
Page 221 - CBS Radio Provided Financial Information
Page 222 - Entercom Projections
Page 223 - Combined Company Projections(1)
Page 224 - N/A
Page 225 - Entercom s Shareholders Meeting
Page 226 - N/A
Page 227 - N/A
Page 228 - Interests of CBS s and CBS Radio s Directors and Executive Officers in the Transactions
Page 229 - Executive Employment Arrangements with Matthew Siegel
Page 230 - Positions Following the Closing of the Merger
Page 231 - Interests of Entercom s Directors and Executive Officers in the Transactions
Page 232 - N/A
Page 233 - Accounting Treatment and Considerations
Page 234 - N/A
Page 235 - Regulatory Approvals
Page 236 - Federal Securities Law Consequences; Resale Restrictions
Page 237 - THE MERGER AGREEMENT
Page 238 - Exchange of Per Share Merger Consideration
Page 239 - Treatment of Specified CBS Compensatory Equity-Based Awards Held by Current CBS Radio Employees
Page 240 - Termination of the Exchange Fund
Page 241 - N/A
Page 242 - Representations and Warranties
Page 243 - N/A
Page 244 - Conduct of Business Pending Closing
Page 245 - N/A
Page 246 - N/A
Page 247 - N/A
Page 248 - N/A
Page 249 - Tax Matters
Page 250 - Shareholders Meeting
Page 251 - N/A
Page 252 - No Solicitation
Page 253 - N/A
Page 254 - N/A
Page 255 - Financing
Page 256 - Employment and Benefits Matters
Page 257 - CBS Brands License Agreements
Page 258 - Certain Other Covenants and Agreements
Page 259 - Conditions to the Merger
Page 260 - N/A
Page 261 - Termination
Page 262 - Effect of Termination
Page 263 - Specific Performance
Page 264 - N/A
Page 265 - THE SEPARATION AGREEMENT
Page 266 - N/A
Page 267 - N/A
Page 268 - N/A
Page 269 - Covenants
Page 270 - Litigation Matters
Page 271 - Intellectual Property Matters
Page 272 - Insurance Matters
Page 273 - Common Agreements
Page 274 - Indemnification by CBS
Page 275 - Matters Relating to Employees
Page 276 - N/A
Page 277 - OTHER AGREEMENTS AND OTHER RELATED PARTY TRANSACTIONS
Page 278 - Transition Services Agreement
Page 279 - Joint Digital Services Agreement
Page 280 - Voting Agreement
Page 281 - Field Family Side Letter Agreement
Page 282 - Advertising Side Letter Agreement
Page 283 - Trademark License Agreement (TV Station Brands)
Page 284 - Trademark License Agreement (CBS SPORTS RADIO Brand)
Page 285 - Collaborative Arrangement.
Page 286 - DESCRIPTION OF ENTERCOM CAPITAL STOCK
Page 287 - Preferred Stock
Page 288 - N/A
Page 289 - Listing
Page 290 - OWNERSHIP OF ENTERCOM COMMON STOCK
Page 291 - N/A
Page 292 - COMPARISON OF RIGHTS OF HOLDERS OF CBS COMMON STOCK AND ENTERCOM COMMON STOCK
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 - N/A
Page 301 - N/A
Page 302 - Certain Anti-Takeover Effects of Provisions of the Entercom Articles, the Entercom Bylaws and Pennsy
Page 303 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Page 304 - WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE
Page 305 - N/A
Page 306 - N/A
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 - CBS RADIO INC.
Page 319 - CBS RADIO INC.
Page 320 - Report of Independent Registered Public Accounting Firm
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 INC.
Page 346 - CBS RADIO INC.
Page 347 - CBS RADIO
Page 348 - ANNEX A-1
Page 349 - N/A
Page 350 - /s/ Christopher Bartlett
Page 351 - ANNEX A-2
Page 352 - N/A
Page 353 - N/A
Page 354 - N/A
Page 355 - THE INFORMATION AGENT FOR THE EXCHANGE OFFER IS:
Page 356 - PART II
Page 357 - Item 22. Undertakings.
Page 358 - N/A
Page 359 - SIGNATURES
Page 360 - EXHIBIT INDEX
Page 361 - Exhibit No.
Subdocument 2 - EX-5.1 - EX-5.1
Page 1 - Exhibit 5.1
Page 2 - N/A
Subdocument 3 - EX-23.1 - EX-23.1
Page 1 - Exhibit 23.1
Subdocument 4 - EX-23.2 - EX-23.2
Page 1 - Exhibit 23.2
Subdocument 5 - EX-23.3 - EX-23.3
Page 1 - Exhibit 23.3
Subdocument 6 - EX-23.7 - EX-23.7
Page 1 - Exhibit 23.7
Subdocument 7 - EX-23.8 - EX-23.8
Page 1 - Exhibit 23.8
Subdocument 8 - EX-99.1 - EX-99.1
Page 1 - Exhibit 99.1
Page 2 - Delivery of this Letter of Transmittal to an address other than as set forth above will not constitu
Page 3 - GUARANTEE OF SIGNATURE(S)
Page 4 - N/A
Page 5 - IMPORTANT PLEASE READ THIS INSTRUCTION BOOKLET CAREFULLY
Page 6 - With respect to withdrawal, acceptance, exchange and delivery:
Page 7 - i.e.
Page 8 - With respect to delivery of shares of Radio Common Stock or cash in lieu of fractional shares of Ent
Page 9 - Forming Part of the Terms and Conditions of this Exchange Offer
Page 10 - STOCKHOLDER. DELIVERY OF ALL SUCH DOCUMENTS IS NOT EFFECTIVE AND RISK OF LOSS OF THE SHARES DOES NOT
Page 11 - Inadequate Space.
Page 12 - Withdrawal.
Page 13 - Irregularities.
Page 14 - The Information Agent for the Exchange Offer is:
Page 15 - General Instructions
Page 16 - Note.
Page 17 - Line 4, Exemptions
Page 18 - 5. Mortgage interest paid by you, acquisition or abandonment of secured property, cancellation of de
Subdocument 9 - EX-99.3 - EX-99.3
Page 1 - Exhibit 99.3
Page 2 - N/A
Page 3 - If you wish to have us tender any or all of your shares of CBS Class B Common Stock, please complete
Page 4 - Instructions with Respect to
Page 5 - N/A
Page 6 - ODD-LOT SHARES
Subdocument 10 - EX-99.4 - EX-99.4
Page 1 - Exhibit 99.4
Page 2 - N/A
Page 3 - N/A
Subdocument 11 - EX-99.5 - EX-99.5
Page 1 - Exhibit 99.5
Page 2 - This Notice of Guaranteed Delivery may be transmitted by facsimile or mailed to the exchange agent a
Page 3 - DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE OR TRANSM
Page 4 - Ladies and Gentlemen:
Page 5 - ODD-LOT SHARES
Page 6 - GUARANTEED DELIVERY
Subdocument 12 - EX-99.6 - EX-99.6
Page 1 - Exhibit 99.6
Page 2 - pro rata
Page 3 - Withdrawing Your Shares After the Final Exchange Ratio Has Been Determined.
Page 4 - USE THIS FORM
Page 5 - The Exchange Agent for the Exchange Offer is:
Subdocument 13 - EX-99.7 - EX-99.7
Page 1 - Exhibit 99.7
Page 2 - pro rata
Page 3 - Unless you affirmatively instruct the Trustee to tender, you will be deemed to have instructed the T
Page 4 - NONE OF CBS, CBS RADIO, ENTERCOM, THEIR RESPECTIVE BOARDS OF DIRECTORS, THE TRUSTEE, THE INDEPENDENT
Page 5 - EXTENSION OF THE EXCHANGE OFFER
Page 6 - www.cbsandyou.com
Subdocument 14 - EX-99.8 - EX-99.8
Page 1 - Exhibit 99.8
Page 2 - There will be no fee to you for instructing the Trustee to tender your proportional interest in the
Page 3 - BACKGROUND
Page 4 - NONE OF CBS, CBS RADIO, ENTERCOM, THEIR RESPECTIVE BOARDS OF DIRECTORS, THE TRUSTEE, THE INDEPENDENT
Page 5 - NOTICE OF BLACKOUT PERIOD
Subdocument 15 - EX-99.10 - EX-99.10
Page 1 - Exhibit 99.10
Page 2 - pro rata
Page 3 - The Exchange Agent for the Exchange Offer is:
Page 4 - REPRESENTATIONS
Page 5 - N/A
Page 6 - INSTRUCTIONS
Page 7 - 4. TAXES ON CONVERSION

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