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U.S. Securities and Exchange Commission

Securities Exchange Act of 1934
Regulation Blackout Trading Restriction

June 9, 2014

Response of the Office of Chief Counsel
Division of Corporation Finance


CBS Corporation (“CBS”)
Incoming Letter Dated June 5, 2014

Capitalized terms have the same meaning as defined in your letter.

You have asked for the Division’s view as to whether the Exchange Offer of CBS Common Stock for Outdoor Americas Common Stock will qualify for the exemption under Rule 101(c)(9) of Regulation BTR, in the event the Suspension results in a “blackout period,” as defined in Rule 100(b) of Regulation BTR.

Based on the facts presented, the Division is of the view that the Exchange Offer will qualify for the Rule 101(c)(9) exemption, such that directors and executive officers of CBS may continue to participate in the Exchange Offer during the pendency of any Suspension that results in a blackout period. In reaching this conclusion, we note in particular your representations that:

  • the Exchange Offer is solely for the purpose to effect the divestiture of Outdoor Americas from CBS;
  • the Exchange Offer is subject to, and will comply with, Exchange Act Rule 13e-4 or Regulation 14D under the Exchange Act;
  • the Suspension is imposed by the Third-Party Administrators to enable them to allow participants and beneficiaries of the Plans to elect to participate in the Exchange Offer while maintaining an accurate accounting of the account balances of such participants and beneficiaries; and
  • CBS directors and executive officers would continue to be permitted to tender into the Exchange Offer during a blackout period, but would not otherwise be permitted to directly or indirectly purchase, sell or otherwise acquire or transfer CBS common stock during such blackout period if the shares involved were or would be acquired in connection with service or employment as a director or executive officer.
This position is based on the representations made to the Division in your letter. Different facts or conditions might require a different conclusion.


Anne Krauskopf
Senior Special Counsel

Incoming Letter:

The Incoming Letter is in Acrobat format.


Modified: 06/11/2013