UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------
SCHEDULE TO-C
Tender Offer Statement Under Section 14(d)(1) or 13(e)(1)
of the Securities Exchange Act of 1934
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CBS CORPORATION
(Name of Subject Company (Issuer))
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CBS CORPORATION
(Name of Filing Person-Issuer and Offeror)
Options to Purchase Class B Common Stock, Par Value $0.001 Per Share
(Title of Class of Securities)
124857202
(CUSIP Number of Class of Securities)
Louis J. Briskman
Executive Vice President and General Counsel
CBS Corporation
51 West 52nd Street
New York, New York 10019
(212) 975-4321
(Name, address and telephone number of person authorized to receive notices
and communications on behalf of filing person)
--------------
Copy to:
Linda E. Rappaport, Esq.
Shearman & Sterling LLP
599 Lexington Avenue
New York, New York 10022
(212) 848-4000
Calculation of Filing Fee
Transaction valuation Amount of filing fee
- ------------------------------- -------------------------------
Not applicable* Not applicable*
*A filing fee is not required in connection with this filing as it relates
solely to preliminary communications made before the commencement of a
tender offer.
[ ] Check box if any part of the fee is offset as provided by Rule 0-11(a)(2)
and identify the filing with which the offsetting fee was previously paid.
Identify the previous filing by registration statement number, or the Form
or Schedule and the date of its filing.
Amount Previously Paid: Not applicable
------------------------------
Form or Registration No.: Not applicable
----------------------------
Filing Party: Not applicable
----------------------------------------
Date Filed: Not applicable
------------------------------------------
[X] Check the box if the filing relates solely to preliminary communications
made before the commencement of a tender offer.
Check the appropriate boxes below to designate any transactions to which the
statement relates:
[ ] third-party tender offer subject to Rule 14d-1.
[X] issuer tender offer subject to Rule 13e-4.
[ ] going-private transaction subject to Rule 13e-3.
[ ] amendment to Schedule 13D under Rule 13d-2.
Check the following box if the filing is a final amendment reporting the results
of the tender offer: [ ]
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2
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EXHIBIT INDEX
Exhibit
No.
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99.1 Letter to All Employees Holding Options, dated April 27, 2006.
99.2 Voluntary Exchange Offer Workshop Schedule, dated April 27 2006.
99.3 Letter to CBS Radio Employees Holding Options, dated April 28, 2006.
3
Exhibit 99.1
From: Tony Ambrosio
To: All Employees Holding Options
Date: April 27, 2006
Re: Voluntary Exchange Offer Workshop Schedule
To provide education and assistance to you about the Voluntary Exchange Offer
(VEO), Ernst & Young LLP will host a series of information sessions about the
VEO and related financial concepts. Live workshops will be hosted in 14
locations with a high concentration of eligible employees and telephonic
sessions will be offered for employees in other markets. The attached VEO
Workshop Schedule includes information about all sessions scheduled from May 4,
2006 through May 23, 2006. Please take a few moments to review the schedule and
find a session that is convenient for you.
To attend a session, you must enroll by calling the VEO Information Line. The
VEO Information Line will be available beginning April 27, 2006 from 9:00 a.m.
EDT to 8:00 p.m. EDT, Monday through Friday for workshop enrollment. To reach
the VEO Information Line, call toll-free at (800) 259-3638 or (201) 872-5800
from a non-U.S. location.
Web-based streaming video sessions will also be available at http://HR.CBS.com
beginning May 5, 2006. Live workshops are available to employees only;
employees, spouses or partners and financial planners are welcome to participate
in the telephonic and Web-based workshops.
I encourage all eligible employees to attend a workshop session live, by phone
or via the Web so that you can make an informed decision about whether to
participate in the VEO.
Legal Notices
The underlying plan for the Voluntary Exchange Offer is subject to shareholder
approval. This program will be governed by the actual terms and conditions which
will be set forth in the offering document provided to you at the commencement
of the offer. For more information on the program, please review our Form 8-K
filed with the Securities and Exchange Commission on March 17, 2006, which can
be accessed on our website, www.cbscorporation.com.
CBS Corporation ("CBS") has not commenced the Voluntary Exchange Offer to which
this communication pertains. Holders of CBS stock options are strongly advised
to read the Offer to Exchange that will be filed on Schedule TO (Tender Offer)
and other documents related to the Voluntary Exchange Offer to be filed with the
Securities and Exchange Commission when they become available because they will
contain important information. Holders of CBS stock options may obtain copies of
these documents for free, when available, at the Securities and Exchange
Commission website at www.sec.gov or from CBS's Human Resources department.
1
Exhibit 99.2
Voluntary Exchange Offer Workshop Schedule
o You must register to enroll in both live and telephonic workshops by
calling the VEO Information Line toll-free at (800) 259-3638 or from an
international location at (201) 872-5800.
o Live workshops are in local time.
o Teleconferences are in Eastern Daylight Time (EDT).
o Live workshops are open to employees only.
o Teleconference sessions are open to employees, spouses or partners, and
financial planners. o Web-based streaming video workshops are also
available online at http://HR.CBS.com.
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Baltimore, MD Monday, May 8
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Time(s) Target Group Location
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o 9:30 a.m. All employees WJZ-TV, 3725 Malden Avenue, 1st Floor, Main Conference Room
o 12:45 p.m. All employees WJZ-TV, 3725 Malden Avenue, 1st Floor, Main Conference Room
o 3:00 p.m. All employees WJZ-TV, 3725 Malden Avenue, 1st Floor, Main Conference Room
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Boston, MA Monday, May 8
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Time(s) Target Group Location
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o 9:00 a.m. All employees WBZ/WSBK/WLWC, 1170 Soldiers Field Road, Studio A
o 1:00 p.m. All employees WBZ/WSBK/WLWC, 1170 Soldiers Field Road, Studio A
o 7:00 p.m. All employees WBZ/WSBK/WLWC, 1170 Soldiers Field Road, Studio A
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Chicago, IL Monday, May 15
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Time(s) Target Group Location
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o 9:00 a.m. All employees WBBM-TV, 630 N. McClurg Court, Studio 2
o 12:00 p.m. All employees WBBM-TV, 630 N. McClurg Court, Studio 2
o 3:00 p.m. All employees WBBM-TV, 630 N. McClurg Court, Studio 2
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Dallas/Fort Worth, TX Monday, May 8
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Time(s) Target Group Location
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o 10:30 a.m. All employees KTVT/KTXA, 5233 Bridge Street, Conference Room
o 1:00 p.m. All employees KTVT/KTXA, 5233 Bridge Street, Conference Room
o 6:30 p.m. All employees KTVT/KTXA, 5233 Bridge Street, Conference Room
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Denver, CO Friday, May 12
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Time(s) Target Group Location
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o 9:00 a.m. All employees KCNC Studios, 1044 Lincoln Street, Small Studio
o 11:00 a.m. All employees KCNC Studios, 1044 Lincoln Street, Small Studio
o 4:00 p.m. All employees KCNC Studios, 1044 Lincoln Street, Small Studio
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Detroit, MI Friday, May 12
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Time(s) Target Group Location
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o 9:00 a.m. All employees WWJ-TV/WKBD-TV, 26905 W. 11 Mile Road, Studio A
o 11:00 a.m. All employees WWJ-TV/WKBD-TV, 26905 W. 11 Mile Road, Studio A
o 4:00 p.m. All employees WWJ-TV/WKBD-TV, 26905 W. 11 Mile Road, Studio A
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Fort Lauderdale, FL Thursday, May 18
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Time(s) Target Group Location
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o 11:00 a.m. All employees Courtyard by Marriott, 2440 W. Cypress Creek Road, Ft. Lauderdale, FL 33309,
2
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o 1:00 p.m. All employees Grand Ballroom
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Los Angeles, CA Monday, May 15
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Time(s) Target Group Location
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o 9:30 a.m. All employees CBS, 7800 Beverly Blvd, Studio 56
o 11:30 a.m. All employees CBS, 7800 Beverly Blvd, Studio 56
o 2:00 p.m. All employees CBS, 7800 Beverly Blvd, Studio 56
o 5:00 p.m. All employees CBS, 7800 Beverly Blvd, Studio 56
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Los Angeles, CA Tuesday, May 16
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Time(s) Target Group Location
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o 9:00 a.m. All employees 5555 Melrose Avenue, Paramount Theater
o 11:00 am. All employees 5555 Melrose Avenue, Paramount Theater
o 2:00 p.m. All employees 5555 Melrose Avenue, Paramount Theater
o 4:30 p.m. Showtime Showtime, 10880 Wilshire Blvd, Hayworth Conf. Room, Lobby Level
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Los Angeles, CA Monday, May 22
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Time(s) Target Group Location
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o 9:00 a.m. Studio Center CBS, 4024 Radford Avenue, Screening Room
o 2:00 p.m. All employees CBS, 7800 Beverly Blvd, Studio 56
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Los Angeles, CA Tuesday, May 23
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Time(s) Target Group Location
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o 11:00 a.m. KingWorld KingWorld, 2401 Colorado Ave, Suite 110, Large Conf. Room
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o 2:00 p.m. UPN UPN, 11800 Wilshire Blvd, 3rd Floor, Large Conference Room
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Miami, FL Wednesday, May 17
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Time(s) Target Group Location
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o 12:30 p.m. All employees WFOR-TV/WBFS-TV, 8900 NW 18th Terrace, 2nd Fl, Conf Room
o 2:30 p.m. All employees WFOR-TV/WBFS-TV, 8900 NW 18th Terrace, 2nd Fl, Conf Room
o 7:00 p.m. All employees WFOR-TV/WBFS-TV, 8900 NW 18th Terrace, 2nd Fl, Conf Room
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New York, NY Friday, May 5
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Time(s) Target Group Location
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o 9:00 a.m. All employees CBS, 51 West 52nd Street, Blackrock Building, Studio 19
o 11:00 a.m. All employees CBS, 51 West 52nd Street, Blackrock Building, Studio 19
o 2:00 p.m. All employees CBS, 51 West 52nd Street, Blackrock Building, Studio 19
o 4:00 p.m. All employees CBS, 1515 Broadway, The Lodge (1515 Broadway employees only)
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New York, NY Wednesday, May 10
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Time(s) Target Group Location
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o 9:00 a.m. Simon & Schuster Simon & Schuster, 1230 Ave of the Americas, 17th Fl, Boardroom
o 11:00 a.m. Simon & Schuster Simon & Schuster, 1230 Ave of the Americas, 17th Fl, Boardroom CBS,
524 W. 57th Street, Studio 43
o 2:00 p.m. All employees CBS, 524 W. 57th Street, Studio 43
o 4:00 p.m. All employees CBS, 524 W. 57th Street, Studio 43
o 6:00 p.m. All employees
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New York, NY Thursday, May 11
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Time(s) Target Group Location
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4
o 9:00 a.m. All employees CBS, 524 W. 57th Street, Studio 43
o 11:00 a.m. All employees CBS, 524 W. 57th Street, Studio 43
o 1:00 p.m. All employees CBS, 524 W. 57th Street, Studio 43
o 1:00 p.m. Showtime Showtime, 1633 Broadway, 15th Floor, Conference Room 15A
o 3:00 p.m. All employees CBS, 524 W. 57th Street, Studio 43
o 3:00 p.m. Showtime Showtime, 1633 Broadway, 15th Floor, Conference Room 15A
o 5:00 pm. All employees CBS, 524 W. 57th Street, Studio 43
o 5:00 p.m. Showtime Showtime, 1633 Broadway, 15th Floor, Conference Room 15A
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New York, NY Friday, May 19
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Time(s) Target Group Location
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o 9:00 a.m. All employees CBS, 524 W. 57th Street, Studio 43
o 11:00 a.m. All employees CBS, 524 W. 57th Street, Studio 43
o 1:00 p.m. All employees CBS, 524 W. 57th Street, Studio 43
o 3:00 p.m. All employees CBS, 524 W. 57th Street, Studio 43
o 5:00 p.m. All employees CBS, 524 W. 57th Street, Studio 43
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Philadelphia, PA Thursday, May 4
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Time(s) Target Group Location
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o 9:00 a.m. All employees CBS-3/KYW-TV/UPN-57/WPSG-TV,101 S. Independence Mall East, Studio B
o 11:00 a.m. All employees
o 4:00 p.m. All employees
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Pittsburgh, PA Monday, May 15
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Time(s) Target Group Location
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o 10:00 a.m. All employees 600 Commonwealth Place, Gateway Center, Pittsburgh, PA 15222, Sterlings 2 & 3
o 3:00 p.m. All employees
o 7:00 p.m. All employees
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5
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San Francisco/ San Jose, Thursday, May 18
CA
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Time(s) Target Group Location
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o 7:00 a.m. All employees KBHK/KPIX, 855 Battery Street, North Studio
o 10:30 a.m. All employees KBHK/KPIX, 855 Battery Street, North Studio
o 3:30 p.m. All employees KBHK/KPIX, 855 Battery Street, North Studio
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Canada Thursday, May 18
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Time(s) Target Group Location
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o 10:00 a.m. All employees Viacom International Canada Ltd., One Eglinton Avenue East, Suite 501,
Boardroom, Toronto, Ontario M4P 3A1
o 11:30 a.m. All employees
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Teleconferences Friday, May 5
All sessions are open to
employees,
spouses or partners, and
financial planners.
All times are EDT.
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Time(s) Target Group Location
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o 9:00 a.m. All Toll-free: (800) 257-6566
o 11:00 a.m. All International: (303) 262-2052
o 4:00 p.m. All
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Teleconferences Tuesday, May 9
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Time(s) Target Group Location
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o 9:00 a.m. All Toll-free: (800) 257-6566
o 11:00 a.m. All International: (303) 262-2052
o 4:00 p.m. All
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Teleconferences Wednesday, May 10
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Time(s) Target Group Location
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o 9:00 a.m. All Toll-free: (800) 257-6566
o 11:00 a.m. All International: (303) 262-2052
o 4:00 p.m. All
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Teleconferences Tuesday, May 16
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Time(s) Target Group Location
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o 9:00 a.m. All Toll-free: (800) 257-6566
o 11:00 a.m. All International: (303) 262-2052
o 4:00 p.m. All
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Teleconferences Tuesday, May 16
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Time(s) Target Group Location
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o 10:00 a.m. 3:00 European employees International: (303) 205-0055
p.m. GMT
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Teleconferences Wednesday, May 17
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Time(s) Target Group Location
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o 9:00 a.m. All Toll-free: (800) 257-6566
o 11:00 a.m. All International: (303) 262-2052
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7
o 4:00 p.m. All
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Teleconferences Friday, May 19
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Time(s) Target Group Location
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o 9:00 a.m. All Toll-free: (800) 257-6566
o 11:00 a.m. All International: (303) 262-2052
4:00 p.m. All
- -------------------------- -------------------- ------------------------------------------------------------------------------------
Legal Notices
The underlying plan for the Voluntary Exchange Offer is subject to shareholder
approval. This program will be governed by the actual terms and conditions which
will be set forth in the offering document provided to you at the commencement
of the offer. For more information on the program, please review our Form 8-K
filed with the Securities and Exchange Commission on March 17, 2006, which can
be accessed on our website, www.cbscorporation.com.
CBS Corporation ("CBS") has not commenced the Voluntary Exchange Offer to which
this communication pertains. Holders of CBS stock options are strongly advised
to read the Offer to Exchange that will be filed on Schedule TO (Tender Offer)
and other documents related to the Voluntary Exchange Offer to be filed with the
Securities and Exchange Commission when they become available because they will
contain important information. Holders of CBS stock options may obtain copies of
these documents for free, when available, at the Securities and Exchange
Commission website at www.sec.gov or from CBS's Human Resources department.
From: Joel Hollander
To: CBS Radio Employees Holding Options
Date: April 28, 2006
Re: A Memo from Joel Hollander about the Voluntary Exchange Offer
Recently you received information about the Voluntary Exchange Offer (VEO), an
offer that will give eligible employees the opportunity to exchange their stock
options for restricted shares, or restricted share units in the case of
employees who are not U.S. taxpayers, of CBS Corporation Class B Common Stock.
The Company has retained the services of Ernst & Young LLP to provide a variety
of education and awareness opportunities about the VEO including workshops,
streaming video, teleconferencing and the VEO Information Line staffed by Ernst
& Young representatives.
As part of CBS Radio's ongoing commitment to technology and innovation, I
encourage you to participate in the Web-based streaming video prepared
specifically for this offer. Starting May 5th, all of these materials will be
available on IKE at https://ike.cbsradio.com and http://hr.cbs.com. Your spouse
or partner and financial planner can attend a telephonic or Web-based workshop
session to learn about the VEO. It is extremely important that you completely
understand the VEO before deciding whether to participate. Please take full
advantage of the education and assistance being provided by the Company so that
you can make an informed decision about this offer.
Legal Notices
The underlying plan for the Voluntary Exchange Offer is subject to shareholder
approval. The Voluntary Exchange Offer will be governed by the actual terms and
conditions which will be set forth in the Offer to Exchange provided to you at
the commencement of the offer.
CBS Corporation ("CBS") has not commenced the Voluntary Exchange Offer to which
this communication pertains. Holders of CBS stock options are strongly advised
to read the Offer to Exchange that will be filed on Schedule TO (Tender Offer)
and other documents related to the Voluntary Exchange Offer to be filed with the
Securities and Exchange Commission when they become available because they will
contain important information. Holders of CBS stock options may obtain copies of
these documents for free, when available, at the Securities and Exchange
Commission website at www.sec.gov or from CBS's Human Resources department.
