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Document Preview Agreement and Plan of Merger and Exchange |
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Title: |
Agreement and Plan of Merger and Exchange |
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Entities: |
CSC Holdings Inc.; General Electric Co.; Metro-Goldwyn-Mayer Inc.; Shearman & Sterling; Sullivan & Cromwell; Bravo Holding Corporation; Bravo II Holding Corporation; Rainbow Media Group, LLC; National Broadcasting Company, Inc.; NBC-Rainbow Holding, Inc.; Applause Acquisition Corporation |
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Date: |
2002 |
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Size: |
Preview shows 16KB of 318KB total |
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Price: |
$51 |
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ID: |
#146920 |
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Start of Preview |
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[Execution Copy]
AGREEMENT AND PLAN OF MERGER AND EXCHANGE
AS OF NOVEMBER 4, 2002
{PAGE}
TABLE OF CONTENTS
Page
1. Definitions...............................................................2
1.01 Certain Definitions..............................................2
1.02 Interpretation and Rules of Construction........................15
2. The Merger and the Exchanges.............................................16
2.01 The Merger......................................................16
2.02 The RMHI Exchange...............................................18
2.03 The Cablevision Exchange........................................19
2.04 Working Capital Adjustment......................................19
2.05 Adjustment for Payments under Affiliation Agreements
and Capital Expenditures........................................22
2.06 Adjustments to Prevent Dilution.................................22
2.07 Possible Restructuring..........................................23
3. Representations and Warranties of Cablevision............................24
3.01 Organization and Authority......................................24
3.02 Legal Capacity; Approvals and Consents..........................25
3.03 Interests; Subsidiaries.........................................26
3.04 Financial Statements............................................27
3.05 Accounts Receivable.............................................29
3.06 Properties; Owned Tangible Personal Property....................29
3.07 Compliance with Law; Licenses...................................30
3.08 Intellectual Property...........................................31
3.09 Contracts.......................................................32
3.10 Labor Contracts and Actions.....................................34
3.11 Employee Benefit Plans..........................................35
3.12 Legal and Governmental Proceedings and Judgments................37
3.13 Finders and Brokers.............................................37
3.14 Environmental Matters...........................................37
3.15 Absence of Certain Changes......................................38
3.16 Insurance.......................................................39
3.17 Assets; Sufficiency of Assets...................................39
3.18 Affiliate Transactions..........................................39
3.19 Affiliation Agreements..........................................40
3.20 Advertisers.....................................................40
3.21 Film Exhibition Agreement.......................................41
3.22 Investment Purpose..............................................41
3.23 Media Expenditures..............................................41
{PAGE}
4. Representations and Warranties of GE Merger Sub, NBC Holdings and NBC....42
4.01 Organization and Authority......................................42
4.02 Legal Capacity: Approvals and Consents..........................42
4.03 Ownership of Cablevision Shares.................................44
4.04 Legal and Governmental Proceedings and Judgments................44
4.05 GE Shares.......................................................44
4.06 GE SEC Reports..................................................44
4.07 GE Financial Statements; Absence of Certain Changes.............44
4.08 BHC Convertible Preferred Stock.................................45
4.09 Finders and Brokers.............................................45
5. Covenants Pending Closing................................................45
5.01 Conduct of Cablevision..........................................45
5.02 Access to Information...........................................48
5.03 Covenants of NBC Holdings and NBC...............................48
5.04 Notice of Developments..........................................49
5.05 Termination of Intercompany Arrangements........................50
5.06 Required Consents...............................................50
5.07 Separation of IFC Business from Bravo...........................50
6. Deliveries at Closing....................................................51
6.01 Deliveries by Cablevision.......................................51
6.02 Deliveries by NBC Holdings and NBC..............................51
6.03 Deliveries by GE Merger Sub.....................................52
7. Conditions to the Obligations of NBC Holdings, NBC and GE Merger Sub.....52
7.01 Receipt of Consents.............................................53
7.02 Performance by Cablevision......................................53
7.03 Absence of Breach of Representations and Warranties.............53
7.04 Absence of Breach of Tax Matters Agreement Representations
and Warranties..................................................53
7.05 Absence of Proceedings..........................................53
7.06 Reorganization Transactions.....................................53
7.07 Release of Liens................................................54
7.08 MGM Closing.....................................................54
7.09 Related Agreements..............................................54
8. Conditions to the Obligations of Cablevision.............................54
8.01 Receipt of Consents.............................................54
8.02 Performance by NBC Holdings and NBC.............................54
8.03 Absence of Breach of Representations and Warranties.............54
{PAGE}
8.04 Absence of Breach of Tax Matters Agreement Representations
and Warranties..................................................54
8.05 Absence of Proceedings..........................................55
8.06 Reorganization Transactions.....................................55
8.07 Registration Rights Agreement...................................55
8.08 Listing of GE Stock.............................................55
8.09 MGM Closing.....................................................55
8.10 Related Agreements..............................................55
9. Covenants................................................................55
9.01 Compliance with Conditions......................................55
9.02 Compliance with HSR Act and Rules; Foreign Antitrust Laws.......55
9.03 Records and Related Matters.....................................57
9.04 Use of Bravo Marks..............................................58
9.05 Salon.com.......................................................58
9.06 Benefit of Contracts............................................59
9.07 Confidentiality.................................................60
9.08 Insurance.......................................................62
9.09 Termination of Agreements.......................................62
9.10 Magno Contract..................................................62
9.11 BHC Convertible Preferred Stock.................................63
10. Survival of Representations, Warranties, Covenants and Other Agreements;
Indemnification..........................................................63
10.01 Survival of Representations, Warranties, Covenants and Other
Agreements......................................................63
10.02 Indemnification by Cablevision..................................63
10.03 Indemnification by NBC Holdings, NBC and GE Merger Sub..........65
10.04 Third Party Claims..............................................66
11. Further Assurances.......................................................68
12. Closing..................................................................68
12.01 Closing.........................................................68
12.02 Termination.....................................................68
13. Miscellaneous............................................................69
13.01 Amendments; Waivers.............................................69
13.02 Entire Agreement................................................69
13.03 Binding Effect; Assignment......................................69
13.04 Construction; Counterparts......................................69
13.05 Notices.........................................................70
13.06 Expenses of the Parties.........................................71
13.07 Non-Recourse....................................................71
{PAGE}
13.08 Third Party Beneficiary.........................................71
13.09 Governing Law; Choice of Forum; Waiver of Jury Trial............71
13.10 Press Releases..................................................72
13.11 Severability....................................................72
EXHIBITS
Exhibit A - 2 Park Avenue Lease Assignment
Exhibit B - GE Registration Rights Agreement
Exhibit C - Film Exhibition Agreement
Exhibit D - Reorganization Transactions
Exhibit E - Transition Services Agreement
Exhibit F - NBC Holdings Release
Exhibit G - Cablevision Release
Exhibit H - Amended RNC Letter Agreement
Exhibit I - Transponder Lease Assignment
Exhibit J - IFC Agreements
Exhibit K - Cablevision Affiliation Agreement Amendment
SCHEDULES
Schedule 1.01 - Knowledge of Cablevision/Knowledge of NBC
Schedule 1.02 - Related Agreements
Schedule 1.03 - Certain IFC Assets
Schedule 2.04 - Working Capital
Schedule 2.04(f) - Preferred Stock Expense Amount
Schedule 3.02 - Consents and Approvals
Schedule 3.03 - Interests in Bravo Companies and Subsidiaries
Schedule 3.04 - Pro Forma Financial Statements
Schedule 3.06 - Leased Real Property
Schedule 3.07 - Noncompliance with Laws; Licenses
Schedule 3.08 - Intellectual Property
Schedule 3.09 - Listed Contracts
Schedule 3.11 - Company Benefit Plans
{PAGE}
Schedule 3.12 - Legal Proceedings; Governmental Orders
Schedule 3.14 - Environmental Matters
Schedule 3.15 - Conduct out of Ordinary Course; Certain Changes
Schedule 3.16 - Insurance Policies
Schedule 3.17 - No Rights to Assets
Schedule 3.18 - Affiliate Transactions
Schedule 3.20 - Advertisers
Schedule 3.21 - Programming Agreements
Schedule 3.23 - Media Expenditures
Schedule 4.02 - NBC Consents
Schedule 5.01 - Non-ordinary Course Actions
Schedule 5.05 - Continuing Inter-company Contracts
Schedule 9.06 - Consents
{PAGE}
AGREEMENT AND PLAN OF MERGER AND EXCHANGE
This Agreement and Plan of Merger and Exchange is made and entered into as
of November 4, 2002, by and between Cablevision Systems Corporation, a Delaware
corporation ("Cablevision"), Bravo Holding Corporation, a Delaware corporation
("BHC"), Bravo II Holding Corporation, a Delaware corporation ("B2HC"), Rainbow
Media Group, LLC, a Delaware limited liability company ("RMG LLC"), National
Broadcasting Company, Inc., a Delaware corporation ("NBC"), NBC-Rainbow Holding,
Inc., a California corporation ("NBC Holdings"), and Applause Acquisition
Corporation, a Delaware corporation ("GE Merger Sub") and a direct wholly-owned
Subsidiary of General Electric Company, a New York corporation ("GE").
R E C I T A L S
WHEREAS, BHC and B2HC, each of which is an indirect wholly-owned Subsidiary
of Cablevision, own, in the aggregate, an 80% partnership interest (the
"Cablevision Bravo Interest") in Bravo Company ("Bravo"), a general partnership
organized under New York law;
WHEREAS, MGM Networks U.S. Inc., a Delaware corporation ("MGM Holdings")
and a wholly-owned Subsidiary of Metro-Goldwyn-Mayer Inc. ("MGM"), owns a 20%
partnership interest in Bravo (the "MGM Bravo Interest");
WHEREAS, NBC Holdings owns 21,816,226 shares of Class A common stock (the
"Cablevision Shares") of Cablevision and 1,562.25 shares of Class A common stock
(the "RMHI Shares") of Rainbow Media Holdings, Inc. ("RMHI");
WHEREAS, Cablevision, MGM Holdings, NBC and NBC Holdings wish to effect,
and to have effected, the Reorganization Transactions (as hereinafter defined);
WHEREAS, as part of the Reorganization Transactions, GE Merger Sub will be
merged (the "B2HC Merger") with and into B2HC in a transaction in which the
shareholder of B2HC receives shares of common stock, par value $.06 per share,
of GE ("GE Common Stock");
WHEREAS, at the time of the B2HC Merger, B2HC will own a partnership
interest in Bravo (the "B2HC Bravo Interest");
WHEREAS, as part of the Reorganization Transactions, Cablevision will cause
RMHI to distribute to NBC Holdings all of the BHC Class B Stock in exchange for
all of the RMHI Shares and BHC will, at the time of such transfer, own a
partnership interest in Bravo (the "BHC Bravo Interest").
WHEREAS, as part of the Reorganization Transactions, Cablevision will
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