CBS Corporation Announces Plans For A $1 Billion Accelerated Share Repurchase

CBS Corporation Announces Plans For A $1 Billion Accelerated Share Repurchase

PR Newswire

NEW YORK, Feb. 14, 2013

NEW YORK, Feb. 14, 2013 /PRNewswire/ -- CBS Corporation (NYSE: CBS.A and CBS)
announced today that it plans to repurchase an additional $1 billion of its
Class B common stock in 2013, nearly doubling the Company's commitment for the
year. CBS plans to initiate the accelerated share repurchase (ASR) transaction
during the first quarter.

"Our plan to repurchase an additional $1 billion shares of CBS stock this year
demonstrates both the confidence we have in our future and the commitment we
have to our shareholders," said Leslie Moonves, President and Chief Executive
Officer, CBS Corporation. "Our growing sources of high-margin, non-advertising
revenue, along with the strategic initiatives we announced for our Outdoor
segment last month, are transforming CBS into a Company that is more reliant
on steady and recurring revenue streams. As the evolution of CBS continues, we
believe this stock buyback represents the best use of our cash and is in the
best interest of our shareholders."

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

Disclosure Notice

This release contains 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. Forward-looking statements inherently involve risks and
uncertainties that could cause actual events or results to differ materially
from those anticipated by the forward-looking statements, including those
resulting from changes in economic, business, competitive, strategic and/or
regulatory factors. A more detailed description of risks and uncertainties can
be found in CBS Corporation's news releases and filings with the Securities
and Exchange Commission including, but not limited to, its most recent Forms
10-K, 10-Q and 8-K. Except as required by law, CBS Corporation does not assume
any obligation to update the forward-looking statements contained in this
release to reflect subsequent events or circumstances.

SOURCE CBS Corporation

Contact: Press, Dana McClintock, +1-212-975-1077,;
Investors, Adam Townsend, +1-212-975-5292, or Jessica
Kourakos, +1-212-975-6106,
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