CBS Corporation Announces $700 Million Senior Note Offering

CBS Corporation Announces $700 Million Senior Note Offering

NEW YORK, Feb. 24, 2012 /PRNewswire/ -- CBS Corporation (NYSE: CBS.A and CBS) today announced the pricing of a debt offering of $700 million of 3.375% senior notes due 2022. CBS Corporation intends to use the net proceeds from this offering, after deducting related fees and expenses, to repurchase or repay outstanding indebtedness, including the redemption of some or all of its $700 million of outstanding 6.75% senior notes due 2056. The remaining net proceeds, if any, will be used for general corporate purposes.

The joint book-running managers for the offering are Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc., RBS Securities Inc., UBS Securities LLC, Credit Suisse Securities (USA) LLC, and Wells Fargo 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: 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 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 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), 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 Contact: Dana McClintock, +1-212-975-1077, dlmcclintock@cbs.com, or Investor 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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