CBS And Lionsgate Enter 50/50 Partnership On Highly Distributed Entertainment Cable Network

CBS And Lionsgate Enter 50/50 Partnership On Highly Distributed Entertainment
                                Cable Network

CBS Acquires 50% Stake in TVGN and TVGuide.com

PR Newswire

NEW YORK, March 26, 2013

NEW YORK, March 26, 2013 /PRNewswire/ -- CBS Corporation (NYSE: CBS.A and CBS)
and Lionsgate (NYSE: LGF) announced today that the companies have entered into
a 50/50 partnership for the highly distributed entertainment cable network
TVGN and the website TVGuide.com. The basic cable network, available in more
than 80 million homes, will continue to be entertainment-focused, with a
specific rebranding and programming strategy to be announced at a later date.

The venture will combine CBS's programming, production and marketingassets
with Lionsgate'sresources in motion pictures, television and digitally
delivered content. The new ownership structure will be comprised of the
company with the #1 broadcast network andmany of the top first-run
syndicationseries ("Entertainment Tonight," "OMG!Insider")and the studio
that distributes the blockbuster "Hunger Games" and "Twilight" franchises and
produces such award-winning dramas as "Mad Men."

Under the terms of the deal, CBS will acquire a 50% stake in TVGN and
TVGuide.com. CBS plans to purchase the ownership interest currently held by
One Equity Partners (OEP), the global private equity investment arm of
JPMorgan Chase. The deal closed on signing today.

"This is a strategic way for CBS to use its content brands and gain access to
ahighly distributed basic cable network that has a lot of upside," said
Leslie Moonves, President and Chief Executive Officer, CBS Corporation.
"Lionsgate, led by my friend Jon Feltheimer, is a forward-thinking content
company and a great partner for us here. We're excitedto bring CBS's
programming and production assets to the venture, and work with Lionsgate to
rebrand and grow a channel that will be increasingly valuable to our carriage
partners."

"We couldn't be in business with a better blue-chip strategic partner than CBS
or a more visionary CEO than our friend Les Moonves," said Lionsgate Chief
Executive Officer Jon Feltheimer and Vice Chairman Michael Burns. "Their
track record speaks for itself, and we believe that the combination of our two
brands and our complementary assets will elevate TVGN to the next level of
performance and enable it to fulfill its promise as a significant branded
entertainment channel."

Moelis & Company and Wachtell, Lipton, Rosen and Katz advised TVGN on the
transaction.

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 www.cbscorporation.com.

About Lionsgate
Lionsgate is a leading global entertainment company with a strong and
diversified presence in motion picture production and distribution, television
programming and syndication, home entertainment, family entertainment, digital
distribution, new channel platforms and international distribution and sales.
The company has built a strong television presence in production of primetime
cable and broadcast network series, distribution and syndication of
programming and an array of channel assets. Lionsgate currently has 27 shows
on 18 networks spanning its primetime production, distribution and syndication
businesses, including such critically-acclaimed hits as the multiple Emmy
Award-winning "Mad Men," "Weeds" and "Nurse Jackie," the new comedy "Anger
Management," the network series Nashville, the syndication successes Tyler
Perry's "House of Payne," its spinoff "Meet the Browns," "For Better Or
Worse," "The Wendy Williams Show," "Are We There Yet?" and the upcoming
"Orange Is The New Black," an original series for Netflix.

Its feature film business has been fueled by such recent successes as the
blockbuster first installment of "The Hunger Games" franchise, the 13th
highest-grossing North American release of all time, "The Twilight Saga
Breaking Dawn – Part 2," which has grossed more than $800 million at the
worldwide box office, "Warm Bodies," "Texas Chainsaw 3D," "The Expendables 2,"
"The Possession," "Sinister," "The Cabin in the Woods," "Tyler Perry's Madea's
Witness Protection" and "Arbitrage." With the January 2012 acquisition of
Summit Entertainment, the company has now added the blockbuster "Twilight
Saga," which has grossed more than $3.3 billion at the worldwide box office,
to its current slate, giving the company the two premier young adult
franchises in the world.

Lionsgate's home entertainment business is an industry leader in box
office-to-DVD and box office-to-VOD revenue conversion rate. Lionsgate handles
a prestigious and prolific library of approximately 15,000 motion picture and
television titles that is an important source of recurring revenue and serves
as the foundation for the growth of the Company's core businesses. The
Lionsgate and Summit brands remain synonymous with original, daring, quality
entertainment in markets around the world.

SOURCE CBS Corporation

Website: http://www.cbscorporation.com
Contact: Chris Ender (CBS), +1-818-655-1100, cender@cbs.com; Peter Wilkes
(Lionsgate), +1-310-255-3726, pwilkes@lionsgate.com
 
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