CBS Notes Several Entercom Merger Deadlines In SEC Filing

Transaction Expected To Close Before The End Of 2017

CBS CORP. has filed an 8-K form with THE SECURITIES AND EXCHANGE COMMISSION, laying out some important dates for the proposed merger with ENTERCOM. The filing notes, "CBS expects to complete the transaction during the fourth quarter of 2017," adding, "the Merger Agreement can be terminated by either the Company or ENTERCOM if the Merger has not been consummated as of January 31, 2018." 

THURSDAY, NOVEMBER 2nd is the next date of importance, with CBS writing, "Notwithstanding the foregoing, each of the Company and ENTERCOM has the right to extend such date until MAY 2, 2018 if, by NOVEMBER 2, 2017, the approval of the FEDERAL COMMUNICATIONS COMMISSION has not been obtained or if the expiration or termination of any applicable waiting period under the HART-SCOTT-RODINO Antitrust Improvements Act of 1976, as amended, has not occurred, in each case only if the failure to consummate the Merger is not due to a party’s failure to perform its obligations under the Merger Agreement." 

Then, JANUARY 31, 2018 looms, with "the conditions to the closing of the Merger concerning the expiration or termination of any applicable waiting period under the HSR Act, the approval of the FCC, the approval of ENTERCOM’s shareholders and the absence of any law or order restraining, enjoining or prohibiting the consummation of the transaction have all been satisfied, CBS may not terminate the Merger Agreement due to the passing of the termination date of the Merger Agreement."

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