CBS Corporation to Sell Local TV Stations in Four Markets to Cerberus Capital Management, L.P.

CBS Corporation to Sell Local TV Stations in Four Markets to Cerberus Capital Management, L.P.

Divestiture Includes Stations in Austin, Salt Lake City, Providence and West Palm Beach

NEW YORK, Feb. 7 /PRNewswire-FirstCall/ -- CBS Corporation (NYSE:CBS)(NYSE:CBS.A) announced today it has entered into a definitive agreement to sell seven of its owned television stations to Cerberus Capital Management, L.P. for $185 million. The sale includes stations in Austin, Salt Lake City, Providence and West Palm Beach, and is subject to FCC approval and other customary closing conditions. Cerberus worked with TV veteran Dick Reingold on the transaction, and Cerberus was advised by CobbCorp, LLC and Wachovia Capital Markets, LLC.

Stations included in the agreement (and their network affiliations) are:

- KEYE-TV, Austin, Texas (CBS);
- KUTV (TV), Salt Lake City, Utah (CBS) and its satellite station
KUSG(TV), St. George, Utah;
- WLWC (TV), Providence, Rhode Island (The CW);
- WTVX(TV), West Palm Beach, Florida (The CW); and two Low Power Stations
in the West Palm Beach DMA, WTCN-CA (MyNetwork TV) and WWHB-CA (TV
Azteca).

The CBS Television Stations group currently consists of 39 stations, including 21 CBS, 11 The CW, three MyNetworkTV and four stations not affiliated with major networks.

About CBS Corporation

CBS Corporation is a mass media company with constituent parts that reach back to the beginnings of the broadcast industry, as well as newer businesses that operate on the leading edge of the media industry. The Company, through its many and varied operations, combines broad reach with well-positioned local businesses, all of which provide it with an extensive distribution network by which it serves audiences and advertisers in all 50 states and key international markets. It has operations in virtually every field of media and entertainment, including broadcast television (CBS and The CW -- a joint venture between CBS Corporation and Warner Bros. Entertainment), cable television (Showtime and CSTV Networks), local television (CBS Television Stations), television production and syndication (CBS Paramount Network Television and CBS Television Distribution), radio (CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing (Simon & Schuster), interactive media (CBS Interactive), music (CBS Records), licensing and merchandising (CBS Consumer Products) and video/ DVD (CBS Home Entertainment). For more information, log on to http://www.cbscorporation.com/.

About Cerberus Capital Management

Established in 1992, Cerberus Capital Management, L.P. is one of the world's leading private investment firms with approximately $22 billion under management in funds and accounts. Through its team of more than 275 investment and operations professionals, Cerberus specializes in providing both financial resources and operational expertise to help transform undervalued companies into industry leaders for long-term success and value creation. Cerberus is headquartered in New York City, with affiliate and/or advisory offices in Chicago, Los Angeles, Atlanta, London, Baarn, Frankfurt, Tokyo, Osaka and Taipei. More information on Cerberus can be found at http://www.cerberuscapital.com/.

First Call Analyst:
FCMN Contact: KJorgensen@cbs.com

Source: CBS Corporation

CONTACT: CBS Corporation - Dana McClintock, +1-212-975-2121,
dlmcclintock@cbs.com; CBS Television Stations - Michael Nelson,
+1-323-460-3766, mnelson@cbs.com; or Cerberus - Peter Duda, +1-212-445-8213,
J.J. Rissi, +1-212-445-8224

Company News On-Call: http://www.prnewswire.com/comp/185007.html

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