NORWOOD, Mass.--(Business Wire)--
National Amusements, Inc. ("NAI") announced today that it agreed to sell, in
concurrent underwritten offerings, 26,040,909 shares (plus an additional
2,604,091 shares if the underwriters exercise their overallotment option in
full) of CBS class B common stock owned by NAI at a price to the public of
$12.00 per share and 19,382,945 shares (plus an additional 1,938,295 shares if
the underwriters exercise their overallotment option in full) of Viacom class B
common stock owned by NAI at a price to the public of $28.25 per share. NAI is
expected to receive from both offerings aggregate proceeds of approximately
$827.8 million (or approximately $910.6 million if the underwriters exercise
their overallotment options in full), net of underwriting discounts and
commissions.
After giving effect to the offerings (and assuming full exercise of the
underwriters' overallotment options), NAI will own 79.07% of the voting shares
and 6.05% of the equity of CBS, and 79.87% of the voting shares and 6.89% of the
equity of Viacom.
The offering of CBS Class B Common Stock was made under a shelf registration
statement filed with the Securities and Exchange Commission ("SEC") by CBS and
the offering of Viacom Class B Common Stock was made under a shelf registration
statement filed with the SEC by Viacom. The offerings are expected to close on
October 20, 2009. Citi is the sole book-runner and Citi and J.P.Morgan are joint
lead managers.
About National Amusements, Inc.
A world leader in the motion picture exhibition industry, the assets of National
Amusements, Inc. include more than 1,500 motion picture screens in the U.S.,
U.K., Latin America and Russia; a portfolio of real estate assets; a partnership
in the online ticketing service, MovieTickets.com; and controlling interests in
the common stock of Viacom Inc. and CBS Corporation. Through its exhibition
operations, National Amusements delivers a superior entertainment experience in
theatres around the world under its Showcase, Multiplex, Cinema de Lux, and
KinoStar brands. Based in Norwood, Massachusetts, National Amusements is a
closely held company controlled by Sumner M. Redstone.
This press release does not constitute an offer to sell or a solicitation of an
offer to buy any securities. The offerings are being made by means of a
prospectus relating to the shares of CBS Class B Common Stock and a prospectus
relating to the shares of Viacom Class B Common Stock, as applicable, and the
related preliminary prospectus supplements only.Copies of the prospectuses and
prospectus supplements for these offerings may be obtained from Citi at Brooklyn
Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220
(1-800-831-9146). These documents can also be obtained for free from the SEC
website at www.sec.gov.
Sard Verbinnen & Co
George Sard/Brandy Bergman, 212-687-8080
Copyright Business Wire 2009
