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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): JANUARY 26, 2006
CBS CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 001-09553 04-2949533
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification Number)
51 WEST 52ND STREET, NEW YORK, NEW YORK 10019
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (212) 975-4321
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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SECTION 8 OTHER EVENTS
ITEM 8.01 OTHER EVENTS.
On January 26, 2006, CBS Corporation (the "Company") announced
that it intends to divest its Paramount Parks division. The Company expects to
complete the divestiture in the second half of 2006.
SECTION 9 FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits. The following Exhibit is filed as part of this Report on Form 8-K:
Exhibit Number Description of Exhibit
- -------------- ----------------------
99 Press release of the Company, dated January 26, 2006,
announcing that it intends to divest its Paramount Parks
division.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
CBS CORPORATION
(Registrant)
By: /s/ Louis J. Briskman
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Name: Louis J. Briskman
Title: Executive Vice President and
General Counsel
Date: January 27, 2006
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EXHIBIT INDEX
Exhibit Number Description of Exhibit
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99 Press release of the Company, dated January 26, 2006,
announcing that it intends to divest its Paramount Parks
division.
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Exhibit 99
CBS
CORPORATION
January 26, 2006
CBS CORPORATION TO DIVEST PARAMOUNT PARKS
The CBS Corporation (NYSE: CBS.A and CBS) announced today it intends to
divest its Paramount Parks division. The Company indicated that numerous parties
have already expressed interest in acquiring the operation, and CBS Corporation
expects to complete the divestiture in the second half of 2006.
Paramount Parks -- which had more than 12 million visitors in 2005 --
will remain in full operation throughout the divestiture process as it embarks
on what's expected to be another successful year.
Paramount Parks is a leading developer and operator of world-class
theme parks and location-based attractions, entertaining more than 12 million
guests annually. The division currently owns and operates five of the most
popular theme parks in North America, including Paramount Canada's Wonderland
(Toronto, Ontario); Paramount's Carowinds (Charlotte, N.C.); Paramount's Great
America (Santa Clara, Calif.); Paramount's Kings Dominion (Richmond, Va.); and
Paramount's Kings Island (Cincinnati, Ohio). The division also developed and
manages the award-winning STAR TREK: The Experience at the Las Vegas Hilton (Las
Vegas, Nev.) and manages Bonfante Gardens horticultural theme park (Gilroy,
Calif.) and CBS Television City at the MGM Grand Hotel & Casino (Las Vegas,
Nev.).
CBS Corporation (NYSE: CBS.A and CBS) 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
UPN), cable television (Showtime), local television (CBS Television Stations),
television production and syndication (CBS Paramount Television and King World),
radio (CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing
(Simon & Schuster), theme parks (Paramount Parks), digital media (CBS Digital
Media Group and CSTV Networks) and consumer products (CBS Consumer Products).
For more information, log on to www.cbscorporation.com.
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Press Contact:
Dana McClintock 212/975-1077 dlmcclintock@cbs.com
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