Liberty Media and CBS Corporation Agree to Exchange CBS Shares Held By Liberty
13 2월 2007 - 11:25PM
PR Newswire (US)
Liberty to exchange stake for WFRV-TV Green Bay and cash ENGLEWOOD,
Colo., and NEW YORK, Feb. 13 /PRNewswire-FirstCall/ -- Liberty
Media Corporation (NASDAQ:LINTANASDAQ:LCAPA) ("Liberty") and CBS
Corporation (NYSE:CBS.ANYSE:andNYSE:CBS) ("CBS") announced today
that they have entered into a definitive agreement whereby Liberty
will exchange its 7,591,249 CBS common shares for a newly created
corporate subsidiary of CBS which holds CBS' Green Bay owned
television station, valued at $64 million, and approximately $170
million cash in a tax-free split-off. The price at which Liberty
will exchange its CBS shares will be based upon the average trading
price of CBS Class B shares during a specified period prior to the
closing. "This transaction represents another step in our
transformation of Liberty into a focused operating company. We are
continuing to convert passive investments into operating
businesses," commented Liberty Senior Vice President and Treasurer
David Flowers. "We are impressed by the success achieved by the
long-standing management team in Green Bay and look forward to
welcoming them to the Liberty family." The transaction, unanimously
approved by the boards of CBS Corporation and Liberty Media
Corporation, is expected to be completed in the second quarter of
2007, and is subject to FCC approval and other customary closing
conditions. About Liberty Media Corporation Liberty Media
Corporation is a holding company that owns interests in a broad
range of electronic retailing, media, communications and
entertainment businesses. Those interests are attributed to two
tracking stock groups: the Liberty Interactive group, which
includes Liberty's interests in QVC, Provide Commerce,
IAC/InterActiveCorp and Expedia, and the Liberty Capital group,
which includes all of Liberty's assets that are not attributed to
the Liberty Interactive group, including Liberty's interests in
Starz Entertainment and News Corporation. About CBS Corporation CBS
Corporation is a mass media company with constituent parts that
reach back to the beginnings of the broadcast industry, as well as
newer businesses that operate on the leading edge of the media
industry. The Company, through its many and varied operations,
combines broad reach with well-positioned local businesses, all of
which provide it with an extensive distribution network by which it
serves audiences and advertisers in all 50 states and key
international markets. It has operations in virtually every field
of media and entertainment, including broadcast television (CBS and
The CW - a joint venture between CBS Corporation and Warner Bros.
Entertainment), cable television (Showtime and CSTV Networks),
local television (CBS Television Stations), television production
and syndication (CBS Paramount Network Television and CBS
Television Distribution Group), radio (CBS Radio), advertising on
out-of-home media (CBS Outdoor), publishing (Simon & Schuster),
digital media (CBS Interactive and CSTV Networks) and consumer
products (CBS Consumer Products). For more information, log on to
http://www.cbscorporation.com/. DATASOURCE: CBS Corporation
CONTACT: John Orr, Liberty Media Corporation, +1-720-875-5622; or
Dana McClintock, CBS Corporation, +1-212-975-1077 Web site:
http://www.cbscorporation.com/ Company News On-Call:
http://www.prnewswire.com/comp/185007.html
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