CBS Corporation Announces $750 Million Senior Note Offering

CBS Corporation Announces $750 Million Senior Note Offering

NEW YORK, May 8 /PRNewswire-FirstCall/ -- CBS Corporation (NYSE:CBS.A)(NYSE:and CBS) announced today the pricing of a debt offering of $400 million of 8.20% senior notes due 2014 and $350 million of 8.875% senior notes due 2019. CBS Corporation intends to use the net proceeds of the offering to fund the Company's pending offer to purchase its outstanding 7.70% senior notes due 2010 and for general corporate purposes.

The joint lead and joint book managers for the offering are Banc of America Securities LLC, Citi, J.P. Morgan Securities Inc. and UBS Securities LLC.

A prospectus can be obtained by contacting CBS Corporation Investor Relations at 1-877-CBS-0787 (1-877-227-0787) or 212-975-6450 or emailing investorrelations@cbs.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

DISCLOSURE NOTICE: The information contained in this release is as of May 8, 2009. Except as required by law, CBS Corporation does not assume any obligation to update any forward-looking statements contained in this release as a result of new information or future events or developments. Some statements in this release may constitute forward-looking statements. CBS Corporation cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. A description of risks and uncertainties can be found in CBS Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 and in its periodic reports on Forms 10-Q and 8-K.

About CBS Corporation

CBS Corporation (NYSE:CBS.A)(NYSE:and)(NYSE:CBS) 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 Networks and CBS College Sports Network), local television (CBS Television Stations), television production and syndication (CBS Television Studios 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: Press, Andrea Prochniak, +1-212-975-0053,
andrea.prochniak@cbs.com, Dana McClintock, +1-212-975-1077,
dlmcclintock@cbs.com, or Investor Relations, Adam Townsend, +1-212-975-5292,
adam.townsend@cbs.com, Debra Wichser, +1-212-975-3718, debra.wichser@cbs.com

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

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