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CBS Corporation Announces Redemption of Senior Notes
Call to Redeem Its Outstanding 5.625% Senior Notes Due 2012 and Its Outstanding 8.200% Senior Notes Due 2014

NEW YORK, June 11, 2012 /PRNewswire/ -- CBS Corporation (NYSE: CBS.A and CBS) announced today the full redemption of its outstanding 5.625% senior notes due August 15, 2012, and the full redemption of its 8.200% senior notes due May 15, 2014, on July 11, 2012, the redemption date.

The redemption amount for the 2012 notes is equal to the sum of the principal amount of the 2012 notes outstanding, the make-whole amount calculated in accordance with the terms of the 2012 notes and the related indenture under which the 2012 notes were issued, and the accrued and unpaid interest on the 2012 notes up to, but excluding, the redemption date of July 11, 2012. The aggregate principal amount of the 2012 notes outstanding on June 11, 2012, was $338,229,000.

The redemption amount for the 2014 notes is equal to the sum of the principal amount of the 2014 notes outstanding, the make-whole amount calculated in accordance with the terms of the 2014 notes and the related indenture under which the 2014 notes were issued, and the accrued and unpaid interest on the 2014 notes up to, but excluding, the redemption date of July 11, 2012. The aggregate principal amount of the 2014 notes outstanding on June 11, 2012, was $400,000,000.

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, The Bank of New York Mellon, at 1-800-254-2826.

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 (NYSE: CBS.A and CBS) is a mass media company that creates and distributes industry-leading content across a variety of platforms to audiences around the world. The Company has businesses with origins that date back to the dawn of the broadcasting age as well as new ventures that operate on the leading edge of media. CBS owns the most-watched television network in the U.S. and one of the world's largest libraries of entertainment content, making its brand – "the Eye" – one of the most recognized in business. The Company's operations span virtually every field of media and entertainment, including cable, publishing, radio, local TV, film, outdoor advertising, and interactive and socially responsible media. CBS's businesses include CBS Television Network, The CW (a joint venture between CBS Corporation and Warner Bros. Entertainment), Showtime Networks, CBS Sports Network, Smithsonian Networks, Simon & Schuster, CBS Television Stations, CBS Radio, CBS Outdoor, CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Interactive, CBS Consumer Products, CBS Home Entertainment, CBS Films and CBS EcoMedia. For more information, go to www.cbscorporation.com.

SOURCE CBS Corporation

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