Joseph Ianniello Named Deputy Chief Financial Officer, CBS Corporation

Joseph Ianniello Named Deputy Chief Financial Officer, CBS Corporation

NEW YORK, Nov. 24 /PRNewswire-FirstCall/ -- Joseph Ianniello has been named Deputy Chief Financial Officer, CBS Corporation (NYSE:CBS.A)(NYSE:and)(NYSE:CBS), it was announced today by Fredric G. Reynolds, Executive Vice President and Chief Financial Officer, CBS Corporation. Ianniello had previously been serving as the Senior Vice President, Chief Development Officer and Treasurer for the Company.

In this expanded role, which will report to Reynolds, Ianniello will work with senior management to develop the Company's financial strategy across all of its operations. He will continue to be responsible for worldwide treasury, corporate development -- including mergers & acquisitions -- and risk management. In addition, he will also oversee the Company's Tax and Information Systems and Technology Departments.

"Joe and I have worked together for more than 10 years, and throughout that time his insights have been a tremendous asset to me and to CBS's entire financial team," said Reynolds. "He has run the treasury department with distinction -- a job that is vitally important at any time, but especially now. He has also played a lead role in our strategy to divest some of our slower-growth businesses for very attractive values, while re-investing in faster-growing businesses. I'm confident that in this new role he will bring even greater contributions to our finance function and to CBS as a whole, and I look forward to working closely with him as we continue to position the Company for future growth."

"Joe is one of the most focused and effective executives I've had the pleasure to work with," said Leslie Moonves, President and CEO, CBS Corporation. "Day in and day out, he uses his considerable talents to push for first-rate financial performance, shareholder value and growth. This promotion will allow Joe to work even more closely with Fred, who is the best in the business, as we move to enhance our financial performance across all our many operations. I look forward to all Joe will do going forward to build on our current strategies, and I congratulate him on this important new position."

Prior to CBS's separation from Viacom Inc., Ianniello had previously held a variety of positions with Viacom, including Senior Vice President and Treasurer (2005) and Vice President of Corporate Development (2000-2005), where he was integrally involved in identifying and assessing potential mergers and acquisitions for the company. He played a role in several of Viacom's major transactions, including the divestiture of Blockbuster and the acquisitions of BET, Comedy Central and SportsLine. Prior to joining Viacom, Ianniello was Director of Financial Planning at CBS (1997-2000), where he handled all financial planning matters across the company. He also spent time in the investor relations and internal audit departments. Before joining CBS, Ianniello spent seven years with KPMG in various capacities.

Ianniello is a graduate of Pace University (bachelor's of business administration) and Columbia University (master's of business administration). He serves on the Board of the charitable organization New Alternatives for Children.

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 CBS College Sports Network), 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.

Source: CBS Corporation

CONTACT: Gil Schwartz, +1-212-975-2121, gdschwartz@cbs.com; or Dana
McClintock, +1-212-975-1077, dlmcclintock@cbs.com

Web Site: http://www.cbscorporation.com/

Company News On-Call: http://www.prnewswire.com/comp/965075.html

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