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A Reverse Morris Trust is used when a parent company has a subsidiary (sub-company) that it wants to sell in a tax-efficient manner. The parent company completes a spin-off of a subsidiary to the parent company's shareholders. Under Internal Revenue Code section 355, this could be tax-free if certain criteria are met. The former subsidiary (now ...
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On February 2, 2017, CBS Radio announced that it had agreed to merge with Entercom, at the time the fourth-largest radio broadcaster in the United States; the sale was to be conducted using a Reverse Morris Trust so that it would be tax-free. To comply with federal ownership limits Entercom had plans to divest 14 stations.
The company was formed by Verizon in 2009 to facilitate the planned sale of some local subsidiaries to Frontier, which was completed on July 1, 2010. The company was set up to allow for a Reverse Morris Trust merger, allowing Verizon to spin off the company to Frontier tax-free. Its primary purpose was to transfer Frontier ILEC Holdings as well ...
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The sale was conducted using a Reverse Morris Trust to avoid a tax liability. While CBS shareholders retained a 72% ownership stake in the combined company, Entercom was the surviving entity, separating the WBBM radio stations (both 780 and FM 96.3) plus WCFS-FM from WBBM-TV. The merger was approved on November 9, 2017, and was consummated on ...
Under the terms of the reverse Morris trust, ABC shareholders held a controlling stake in Citadel, who licensed the ABC name for two more years until it rebranded as Citadel Media Networks in 2009. On September 16, 2011, Cumulus Media purchased Citadel Broadcasting and rebranded the network division as Cumulus Media Networks.
The deal, structured as a Reverse Morris Trust, would have allowed NCR to give a large chunk of the combined company t. NEW YORK (Reuters) -Cash management firm Brink's Co said on Wednesday that ...