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CBS Corp (CBS)

CBS on New York Consolidated

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30 Nov 2016
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Latest Key Developments (Source: Significant Developments)

CBS and Viacom have not yet engaged, but are preparing for merger talks; CBS CEO Leslie Moonves seeks governance rights-CNBC
Tuesday, 11 Oct 2016 09:37am EDT 

:CBS and Viacom have not yet engaged, but are preparing for merger talks; CBS CEO Leslie Moonves seeks governance rights -CNBC, citing sources.  Full Article

CBS Corp announces pricing of debt financing by CBS Radio Inc
Friday, 7 Oct 2016 01:30pm EDT 

CBS Corp: CBS Corporation announces pricing of debt financing by CBS Radio Inc . Also announced that CBS Radio has established pricing for a $1.06 billion senior secured term loan B facility maturing in 2023 . Senior notes and term loan form part of $1.46 billion of total debt expected to be incurred in connection with separation of CBS Radio business . CBS expects that substantially all of net proceeds from both notes and term loan will be distributed to CBS . Priced an offering of $400 million in aggregate principal amount of 7.25% senior unsecured notes due 2024 . CBS Radio established pricing for a $1.06 billion senior secured term loan b facility at an interest rate of libor plus 3.50% .CBS Radio is expected to enter into a $250 million senior secured revolving credit facility maturing in 2021.  Full Article

Viacom board forms special committee to evaluate national amusements request
Friday, 30 Sep 2016 04:02pm EDT 

Viacom Inc : Special committee is comprised of independent directors thomas may and Nicole Seligman, who will act as co-chairs . Special committee has retained debevoise & Plimpton LLP as independent legal advisor, and expects to retain an independent financial advisor . National amusements, directly and through subsidiaries, owns approximately 80% of Class A (voting) common stock of both Viacom and Cbs . Viacom board forms special committee to evaluate national amusements request . Special committee is comprised of independent directors Thomas May and Nicole Seligman, who will act as co-chairs . Special committee is also comprised of Kenneth Lerer, Judith Mchale, Ronald Nelson and Charles Phillips .Formed special committee of independent directors to evaluate request by national amusements that co explore a potential combination with cbs.  Full Article

National Amusements Inc proposes combination of CBS and Viacom
Thursday, 29 Sep 2016 08:00am EDT 

National Amusements Inc: National Amusements, Inc. proposes combination of CBS and Viacom . National Amusements, Inc - believe that a combination of CBS and Viacom might offer "substantial synergies" . National Amusements - tentative view is that "optimal structure" would be all-stock deal in which stockholders of each co would get shares in combined co . National Amusements - none of Sumner Redstone, Shari Redstone or David Andelman will vote on board consideration potential CBS-Viacom merger . National Amusements - believe any potential CBS-Viacom deal should be result of fair deliberation; any deal would proceed only if approved by each board . National Amusements is not willing to accept or support any acquisition by a third party of either company .National Amusements - not willing to accept any deal that would result in National Amusements surrendering controlling position in either CBS or Viacom.  Full Article

CBS corporation announces proposed $1.46 billion debt financing by CBS Radio Inc in connection with the separation of the CBS radio business
Wednesday, 28 Sep 2016 01:01pm EDT 

Cbs Corp : CBS corporation announces proposed $1.46 billion debt financing by CBS Radio Inc. in connection with the separation of the CBS radio business . CBS corporation -Says plans to offer $460 million of senior unsecured notes . CBS corporation -Says proposal in connection with previously announced intention to separate its radio business, CBS Radio Inc . CBS corporation -Net proceeds from both notes offering and term loan will be distributed to CBS .CBS corporation -Remaining net proceeds not used for CBS distribution will be used by CBS Radio.  Full Article

CBSN, Instagram enter partnership for presidential debate coverage
Friday, 23 Sep 2016 02:12pm EDT 

CBSN: CBSN, Instagram enter partnership to feature curated Instagram stories in CBSN’s live streaming coverage for presidential, vice presidential debates Further company coverage: [CBS.N] [FB.O] ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

"CBS All Access" rolls out commercial-free option for subscribers
Wednesday, 31 Aug 2016 12:21pm EDT 

CBS Corp : "CBS All Access" rolls out commercial-free option for subscribers .CBS All Access subscribers can now watch service's on-demand content commercial-free for $9.99/month or with reduced commercials for $5.99/month.  Full Article

Thomas May will become Viacom chairman- CNBC, citing sources
Friday, 19 Aug 2016 08:30am EDT 

: Thomas May will become Viacom chairman- CNBC, citing sources ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

CBS says CBS All Access, Showtime OTT streaming services surpassed 2 mln subscribers - Conf Call
Thursday, 28 Jul 2016 04:15pm EDT 

CBS Corp : Says cbs all access and showtime ott streaming services have surpassed 2 million subscribers - Conf call Further company coverage: [CBS.N] (Bengaluru Newsroom: +1 646 223 8780).  Full Article

Cbs Corp Q2 earnings per share $0.93
Thursday, 28 Jul 2016 04:05pm EDT 

CBS Corp : During quarter, retransmission consent and reverse compensation grew 44% and remain on track to surpass $1 billion in revenue this year . Cbs corporation reports second quarter 2016 results . Q2 earnings per share $0.93 . Q2 earnings per share view $0.86 -- Thomson Reuters I/B/E/S . Q2 revenue $3.29 billion versus I/B/E/S view $3.21 billion .Over-The-Top streaming services, cbs all access and showtime ott, continue to exceed expectations, anticipate a significant lift next year.  Full Article

BRIEF-Viacom waiting for CBS to make offer - CNBC, citing sources

* Viacom waiting for CBS to make offer; Viacom delivered presentation to CBS last Wednesday - CNBC, citing sources