CBS Corporation Announces Two Strategic Initiatives For Its Outdoor Segment

 CBS Corporation Announces Two Strategic Initiatives For Its Outdoor Segment

The Company Begins the Conversion of Its Outdoor Americas Business Into a Real
Estate Investment Trust (REIT)

CBS Will Also Pursue a Divestiture of Its Outdoor Business in Europe and Asia

PR Newswire

NEW YORK, Jan. 16, 2013

NEW YORK, Jan. 16, 2013 /PRNewswire/ -- CBS Corporation (NYSE: CBS.A and CBS)
today announced a pair of strategic initiatives regarding its CBS Outdoor
operating segment, which is comprised of two businesses -- one in the Americas
and the other in Europe and Asia.

For the Outdoor Americas division, the Company has begun the process of
converting the business into a real estate investment trust (REIT). For its
Outdoor operations in Europe and Asia, the Company will pursue a divestiture
of the business, which will be presented as a discontinued operation as of
December 31, 2012.

"We believe the moves we are announcing today will unlock the tremendous value
of these unique quality assets," said Leslie Moonves, President and Chief
Executive Officer, CBS Corporation. "We have studied the benefits of
converting our Americas operations into a REIT, and we are increasingly
enthusiastic that this transaction -- as well as the sale of our business in
Europe and Asia -- will achieve significant value for our shareholders."

As part of CBS's plan to convert its Outdoor Americas division into a REIT,
the Company will submit a request for a private letter ruling from the
Internal Revenue Service during the first quarter of 2013. If the ruling is
granted, the Company could complete the REIT conversion in the taxable year
beginning in 2014. All of these actions are subject to customary approvals.

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 Global Distribution Group, CBS Interactive, CBS
Consumer Products, CBS Home Entertainment, CBS Films and CBS EcoMedia. For
more information, go to

Cautionary Statement Concerning Forward-Looking Statements
This news release contains both historical and forward-looking statements. All
statements other than statements of historical fact are, or may be deemed to
be, forward-looking statements within the meaning of section 27A of the
Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934.
These forward-looking statements are not based on historical facts, but rather
reflect the Company's current expectations concerning future results and
events. Similarly, statements that describe our objectives, plans or goals are
or may be forward-looking statements. These forward-looking statements involve
known and unknown risks, uncertainties and other factors that are difficult to
predict and which may cause the actual results, performance or achievements of
the Company to be different from any future results, performance or
achievements expressed or implied by these statements. These risks,
uncertainties and other factors include, among others: the inability to obtain
the requisite regulatory approvals; changes in legislation, tax rules or
market conditions could adversely impact the ability to consummate or achieve
the benefits of the transactions; the inability to divest the Company's
Outdoor operations in Europe and Asia on terms that the Company finds
acceptable; domestic and global economic, business, competitive and/or other
regulatory factors affecting the Company's businesses generally; and other
factors described in the Company's news releases and filings with the
Securities and Exchange Commission including but not limited to the Company's
most recent Form 10-K, Form 10-Qs and Form 8-Ks. The forward-looking
statements included in this document are made only as of the date of this
document, and under section 27A of the Securities Act and section 21E of the
Exchange Act, we do not have any obligation to publicly update any
forward-looking statements to reflect subsequent events or circumstances. 

SOURCE CBS Corporation

Contact: Press, Dana McClintock, +1-212-975-1077,, or
Investors, Adam Townsend, +1-818-655-1146,
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