SEC Division of Corporation Finance no-action letter: CBS Corporation

WACHTELL, L I PTON, RosEN & KATZ
MARTI N LtPT O N
H ERS CRT M. WACH Tt LL.
J ODI J . SCH W A R TZ
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• A O M I TTED I N THE D IS TRIC T OF C O L U M B IA
  C OUNSE L
  D A V I D M. AOLE R 5 T £ 1N N AN CY S . G A ££N9AU M A M AN DA K. A t..LE:X.ON MARK A . KOEN I G LO U I S J. 8 ARA$ H J . AUSTIN L Y O N S O IAN N A CH EN ALI C I A C. MeC A R THY A N O R E W J.H . CH t UNG SASA STI A N V . NIL£$ PAMELA £HR£ NJ.<AAN %. AMAN D A N . PeR SAUD K AT H RYN G E TT L ES·A TWA J E F'FRE Y A . WAii KE:A P AU L A N . OORO O N June 5, 20 14 Securities Exchange Act of 1934 Rule 101(c)(9) ofRegulation BTR BY EMAIL Associate Director and ChiefCounsel Office of ChiefCounsel Division ofCorporation Finance U.S. Securities and Exchange Commission 100 F Street, N .E. Washington, DC 20549 Re: CBS Corporation Blackout Trading Restriction (Regulation BTR) Ladies & Gentlemen:
  We are writing on behalf of our client, CBS Corporation ("CBS") , in connection with an exchange offer that potentially would be commenced on or after June 11, 2014. In the exchange offer (the "Exchange O ffer"), CBS will offer holders ofits common stock the opportunity to exchange all or a portion of their holdi ngs of CBS Class B common stock for shares of common stock of CBS Outdoor Americas Inc. (" Outdoor Americas"), as described below.