InvestorsExchange of CBS Stock

Exchange of CBS Stock

CBS Corporation (“CBS”) exchanged all of the issued and outstanding shares of common stock of CBS’s wholly owned subsidiary, CBS Radio, Inc. (“Radio’), for shares of CBS Class B common stock by way of an exchange offer that expired at 11:59 p.m. New York City time on November 16, 2017 (the “Exchange”). Because the exchange offer was oversubscribed, CBS accepted tendered shares of CBS Class B common stock on a pro rata basis using a final proration factor of 10.3721 percent. In the Exchange, each shareholder of CBS Class B common stock who validly tendered his or her shares of CBS Class B common stock before the expiration of the Exchange (each a “Participating CBS Stockholder”) received 5.6796 shares of Radio common stock for each share of CBS Class B common stock accepted by CBS in the Exchange.

After the consummation of the Exchange, effective as of 12:01 a.m. New York City time on November 17, 2017, Constitution Merger Sub Corp., a wholly owned subsidiary of Entercom Communication Corp. (“Entercom”), merged with and into Radio (the “Merger”), and each share of Radio common stock was converted into the right to receive one share of Entercom Class A common stock. As a result, each Participating CBS Stockholder received one share of Entercom Class A common stock for each share of Radio common stock held by such stockholder immediately prior to the Merger.

For more information on the exchange, please see the document contained in the Tax Information Statement link.

For more information on the exchange, please see the document contained in the Tax Information Statement link or go to http://investors.cbscorporation.com/phoenix.zhtml?c=99462&p=irol-conversions