CBS Corporation Signs Definitive Agreement with Alpha Broadcasting to Sell Four Radio Stations in Portland, Oregon

CBS Corporation Signs Definitive Agreement with Alpha Broadcasting to Sell Four Radio Stations in Portland, Oregon

Deal Furthers the Company's Strategy to Divest Mid-Size Market Stations and Focus on Large Markets

NEW YORK, Aug 10 /PRNewswire-FirstCall/ -- CBS Corporation (NYSE:CBS.A and)(NYSE:CBS) announced today that it has signed a definitive agreement to sell four of its owned radio stations in Portland, Oregon, KINK-FM (Adult Album Alternative), KUPL-FM (Country), KUFO-FM (Active/Alternative Rock) and KCMD-AM (Talk), to Alpha Broadcasting for $40 million in cash.

"I am pleased that we were able to secure another attractive deal for our valuable radio assets," said Dan Mason, President and Chief Executive Officer, CBS RADIO. "With this sale of our Portland stations - our third deal in the past eight months for a total of twelve station sales - we're another step closer to our goal of focusing primarily on the nation's largest markets where we see the most long-term promise. The marketplace for station sales is improving, so we expect to make further progress on that goal going forward."

Larry Wilson, the Chairman and Chief Executive Officer of Alpha Broadcasting, said, "The purchase of these great stations is a perfect complement to the acquisition of news talk KXL-AM and KXTG-FM in Portland. With this dynamic cluster, Alpha will be able to serve a wide array of Portland residents. The mission of Alpha Broadcasting is to provide entertaining, informative, and compelling programming for the people of Portland, and to produce fantastic results for the Portland advertisers we serve while being upstanding citizens of the community."

The transaction is subject to customary conditions, including regulatory and other approvals.

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.

About Alpha Broadcasting

Alpha Broadcasting LLC, headquartered in Portland, Oregon, is a new entity formed by veteran radio executive Larry Wilson and Endeavour Capital, also in Portland. Wilson founded Citadel Communications Corporation, which was sold to Forstmann Little & Company in 2001 for $2 billion. At the time of the sale, Citadel owned and operated 205 radio stations in 42 cities.

Kalil & Co. represented Alpha Broadcasting as broker in this transaction.

Source: CBS Corporation

CONTACT: Dana McClintock, +1-212-975-1077, dlmcclintock@cbs.com, or
Andrea L. Prochniak, +1-212-975-0053, andrea.prochniak@cbs.com, both of CBS
Corporation; or Karen L. Mateo, CBS RADIO, +1-212-649-9639,
karen.mateo@cbsradio.com; or Larry Wilson, Alpha Broadcasting,
+1-406-249-4220, larry@wilran.com

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

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