Spinco Nears ‘LYV’ Debut
CCE Spinco is expected to close its spinoff from Clear Channel Communications December 21st, after shareholders receive a dividend of one share of common stock per every eight held in CCC on the record date of December 14th. A stock symbol, “LYV,” has been announced, though the company’s new name has yet to be made public.
Clear Channel made the announcement December 2nd, a day after filing additional amendments to its Securities and Exchange Commission Form 10 filing. The New York Stock Exchange certified its approval the same day of the new securities for listing.
The parent company will also transfer to CCE Spinco the business currently conducted by its Clear Channel Entertainment group including subsidiaries, company debt and contracts as outlined in its SEC filing.
Fractional shares of common stock will not be distributed; those stockholders of record will instead receive cash, which will be taxable, according to Clear Channel statement.
Additionally, shareholders who sell on or before the distribution date will essentially be selling their entitlement to receive shares in the new company in the spin-off.
Current shareholders can expect to receive an information statement detail the specifics in a mailer from Clear Channel around December 15th, and which can be viewed at the SEC Web site.