CBS Announces Pricing of Public Offering by National Amusements of Class B Common Stock

CBS Announces Pricing of Public Offering by National Amusements of Class B Common Stock

NEW YORK, Oct. 14 /PRNewswire-FirstCall/ -- CBS Corporation (NYSE:CBS)(NYSE:and CBS.A) today announced the pricing of an underwritten public offering of 26,040,909 shares of the Company's Class B Common Stock sold by NAIRI, Inc. ("NAIRI"), a wholly-owned subsidiary of National Amusements, Inc. and a controlling stockholder of Company, at a public offering price of $12.00 per share.

CBS Corporation is not selling any securities in connection with this offering and will receive no proceeds.

The offering is expected to close on or about October 20, 2009, subject to customary closing conditions. NAIRI has also granted the underwriters a 30-day option to purchase up to an aggregate of 2,604,091 additional shares of Class B Common Stock to cover over-allotments, if any.

Citi is acting as the Sole Bookrunner and Joint Lead Manager for the offering. J.P. Morgan is acting as Joint Lead Manager for the offering.

A copy of the final prospectus supplement and accompanying prospectus relating to the offering, when available, may be obtained by contacting Citi at Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220 (1-800-831-9146); J.P. Morgan, Attention: Prospectus Department, 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245 or by calling (718) 242-8002.

DISCLOSURE NOTICE: The information contained in this release is as of October 14, 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 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, CBS Studios International 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, Gil Schwartz, Executive Vice President, Corporate
Communications, +1-212-975-2121, gdschwartz@cbs.com, or Dana McClintock,
Senior Vice President, Corporate Communications, +1-212-975-1077,
dlmcclintock@cbs.com; or Investors, Adam Townsend, Executive Vice President,
Investor Relations, +1-212-975-5292, adam.townsend@cbs.com, or Debra Wichser,
Vice President, Investor Relations, +1-212-975-3718, debra.wichser@cbs.com

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

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