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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 ...
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 ...
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 ...
On February 2, 2017, CBS agreed to sell CBS Radio to Entercom, then 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 WBZ (AM) and ...
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WarnerMedia Entertainment would consist of HBO, TBS, TNT, TruTV, and the direct-to-consumer video service HBO Max. WarnerMedia News & Sports would have CNN Worldwide, Turner Sports (later known briefly as Warner Bros. Discovery Sports, and TNT Sports from 2023), and the AT&T SportsNet regional networks led by CNN president Jeff Zucker .
On November 16, 2020, Upjohn merged with Mylan in a Reverse Morris Trust transaction and changed its name to Viatris. [1] [2] At that time, Michael Goettler became chief executive officer. [6] [3] Following the combination, the company began trading on the NASDAQ using the ticker symbol VTRS. [2]
Samuel Lee Kountz Jr. (October 30, 1930 – December 23, 1981) was an African-American kidney transplantation surgeon from Lexa, Arkansas.He was most distinguished for his pioneering work in the field of kidney transplantations, and in research, discoveries, and inventions in Renal Science.