Oct. 14, 2009 (Business Wire) -- National Amusements, Inc. (“NAI”) announced today that it agreed to sell, in concurrent underwritten offerings, 26,040,909 shares (plus an additional 2,604,091 shares if the underwriters exercise their overallotment option in full) of CBS class B common stock owned by NAI at a price to the public of $12.00 per share and 19,382,945 shares (plus an additional 1,938,295 shares if the underwriters exercise their overallotment option in full) of Viacom class B common stock owned by NAI at a price to the public of $28.25 per share. NAI is expected to receive from both offerings aggregate proceeds of approximately $827.8 million (or approximately $910.6 million if the underwriters exercise their overallotment options in full), net of underwriting discounts and commissions.
After giving effect to the offerings (and assuming full exercise of the underwriters' overallotment options), NAI will own 79.07% of the voting shares and 6.05% of the equity of CBS, and 79.87% of the voting shares and 6.89% of the equity of Viacom.
The offering of CBS Class B Common Stock was made under a shelf registration statement filed with the Securities and Exchange Commission (“SEC”) by CBS and the offering of Viacom Class B Common Stock was made under a shelf registration statement filed with the SEC by Viacom. The offerings are expected to close on October 20, 2009. Citi is the sole book-runner and Citi and J.P.Morgan are joint lead managers.
About National Amusements, Inc.
A world leader in the motion picture exhibition industry, the assets of National Amusements, Inc. include more than 1,500 motion picture screens in the U.S., U.K., Latin America and Russia; a portfolio of real estate assets; a partnership in the online ticketing service, MovieTickets.com; and controlling interests in the common stock of Viacom Inc. and CBS Corporation. Through its exhibition operations, National Amusements delivers a superior entertainment experience in theatres around the world under its Showcase, Multiplex, Cinema de Lux, and KinoStar brands. Based in Norwood, Massachusetts, National Amusements is a closely held company controlled by Sumner M. Redstone.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. The offerings are being made by means of a prospectus relating to the shares of CBS Class B Common Stock and a prospectus relating to the shares of Viacom Class B Common Stock, as applicable, and the related preliminary prospectus supplements only. Copies of the prospectuses and prospectus supplements for these offerings may be obtained from Citi at Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220 (1-800-831-9146). These documents can also be obtained for free from the SEC website at www.sec.gov.
