ABSTRACT

This paper presents a case study of the merger between CBS and Entercom Communications completed on November 17, 2017 using the Reverse Morris Trust. To fully understand implications of the merger and its impact on the radio industry, this paper first looks at the history of these two companies prior to the merger. Next, we examine in detail the Reverse Morris Trust, a tax-optimization strategy used in this transaction. We assess the impact of the merger on the radio industry, its future implications, and the possible use of further media mergers utilizing the Reverse Morris Trust.

中文翻译：

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CBS-Entercom 和反向莫里斯信托：对无线电行业和未来媒体合并的影响

摘要

本文介绍了 CBS 与 Entercom Communications 之间使用反向莫里斯信托于 2017 年 11 月 17 日完成的合并的案例研究。为了充分理解合并的含义及其对无线电行业的影响，本文首先回顾了合并前这两家公司的历史。接下来，我们详细检查反向莫里斯信托，这是本次交易中使用的税收优化策略。我们评估了合并对无线电行业的影响、其未来的影响，以及利用反向莫里斯信托进行进一步媒体合并的可能性。