CBS Corporation Announces Redemption of Senior Notes Due 2011

CBS Corporation Announces Redemption of Senior Notes Due 2011

Call to Redeem All of its Outstanding 6.625% Senior Notes due 2011

NEW YORK, Nov. 2, 2010 /PRNewswire-FirstCall/ -- CBS Corporation (NYSE: CBS.A and CBS) announced today the full redemption of all of its outstanding 6.625% Senior Notes due May 15, 2011 on December 29, 2010, the redemption date.

The redemption amount is equal to the sum of the principal amount of the Notes outstanding, the make-whole amount calculated in accordance with the related indenture under which the Notes were issued and accrued and unpaid interest on the Notes up to, but excluding, the redemption date of December 29, 2010. The aggregate principal amount of Notes outstanding on November 1, 2010 was $543,891,000.

Holders owning Notes through a broker, bank or other nominee should contact that party for information. For more information, holders of the Notes may call the paying agent for the redemption, Deutsche Bank Trust Company Americas, at 1-800-735-7777.

DISCLOSURE NOTICE: 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 most recent Annual Report on Form 10-K and in its other public filings and press releases. 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.

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, Smithsonian 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), motion pictures (CBS Films) and sustainable media (EcoMedia). For more information, log on to www.cbscorporation.com.

SOURCE CBS Corporation

CBS Corporation

CONTACT: Press Contacts: Dana McClintock, +1-212-975-1077, dlmcclintock@cbs.com, or Andrea Prochniak, +1-212-975-1942, andrea.prochniak@cbs.com; Investor Relations Contacts: Adam Townsend, +1-212-975-5292, adam.townsend@cbs.com, or Jessica Kourakos, +1-212-975-6106, jessica.kourakos@cbs.com

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

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