CBS Corporation Completes Sale of Local TV Stations to Cerberus

CBS Corporation Completes Sale of Local TV Stations to Cerberus

NEW YORK, Jan. 10 /PRNewswire-FirstCall/ -- CBS Corporation (NYSE:CBS)(NYSE:and CBS.A) today announced that it has completed the previously announced sale of its television stations in four markets to Four Points Media Group, LLC, an affiliate of Cerberus Capital Management, L.P., for $185 million in cash.

In so doing, the Company has now completed all of its previously announced local TV station and radio station divestitures. In sum, the Company has sold 39 radio stations in 10 markets and 11 TV stations in seven markets for a total of $922 million since December 2006. The Company now owns 29 television stations and 140 radio stations.

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), video/DVD (CBS Home Entertainment), in-store media (CBS Outernet) and motion pictures (CBS Films). For more information, log on to www.cbscorporation.com.

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

Source: CBS Corporation

CONTACT: Dana McClintock of CBS Corporation, +1-212-975-1077,
dlmcclintock@cbs.com

Web site:

http://www.cbscorporation.com/

Company News On-Call:

http://www.prnewswire.com/comp/185007.html

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