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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 ...
SiriusXM says the season officially kicks off on Friday, Nov. 1, with many of the 26 holiday-themed channels already live on the SiriusXM app. Close. Thanks for signing up! Watch for us in your inbox.
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.
SiriusXM Christmas channels 2024 schedule Here is the list of channels Sirius XM will offer this year, and how they're described on the site. 70s/80s Holidays: Popular singalong holiday hits from ...
Available on the SiriusXM app Nov. 1 through Dec. 26 and on channel 58 from Dec. 4 through Dec. 26. Hallmark Radio : Timeless Christmas carols, new music from this year's holiday movies and ...
CBS Corporation unveiled plans to merge its CBS Radio division with Philadelphia-based Entercom, giving that company 244 stations and national reach across major markets, including CBS Sports Radio and News Radio, in a tax-free deal to CBS shareholders through a complex process known as a reverse Morris trust, which begins with an offer to ...
That’s a key benchmark for Reverse Morris Trust tax reasons. It means that Warner Bros. Discovery can do another significant deal two years after the close of the previous merger.
On February 2, 2017, CBS agreed to merge CBS Radio with Entercom, currently the fourth-largest radio broadcaster in the United States; the sale was conducted using a Reverse Morris Trust so that it would be tax-free. While CBS shareholders retained a 72% ownership stake in the combined company, Entercom was the surviving entity, separating WCBS ...