CBS Corporation Reports Third Quarter 2013 Results

              CBS Corporation Reports Third Quarter 2013 Results

Revenues of $3.6 Billion, Up 11%

OIBDA of $941 Million, Up 4%

Operating Income of $828 Million, Up 5%

Diluted EPS of $.76, Up 19%

PR Newswire

NEW YORK, Nov. 6, 2013

NEW YORK, Nov. 6, 2013 /PRNewswire/ -- CBS Corporation (NYSE: CBS.A and CBS)
today reported the Company's best-ever third quarter results across key
metrics, including revenues, OIBDA (operating income before depreciation and
amortization), operating income, and diluted earnings per share.

"CBS's third quarter proves once again why content is king," said Sumner
Redstone, Executive Chairman, CBS Corporation. "Our programming is becoming
more valuable all the time as we continue to take advantage of the
ever-expanding multiplatform world. With Les and his team leading the way, I
know that CBS is poised for continued success for many years to come."

"Our record third-quarter results—driven by double-digit revenue growth—are
the continuation of a phenomenal first half, and provide more clarity on what
will be another amazing full year for the CBS Corporation," said Leslie
Moonves, President and Chief Executive Officer, CBS Corporation. "We continue
to launch new hits—from Under the Dome and Ray Donovan this summer to the top
three new comedies on television this fall. Through our studio, we have an
ownership interest in most of these shows, meaning that their success not only
boosts our base business, but also our newer revenue streams as well,
including very strong growth in retransmission consent fees, reverse
compensation, international sales and all the opportunities afforded to us by
exploding advances in technology. Plus, we are working toward a new
advertising model in which we get paid for the significant, additional viewing
that is increasingly taking place after a show first airs."

Mr. Moonves continued, "In addition to all of this, we closed on the sale of
our Outdoor business in Europe and Asia during the quarter, and the separation
of our Outdoor Americas business is expected to be completed next year. As a
result, about half of our revenue will be coming from fast-growing,
non-advertising revenue sources going forward. And our strategic Outdoor
initiatives are enabling us to return tremendous value to our shareholders. So
clearly we are on track to close out the year in terrific shape, and we have
great confidence in our ability to execute for our investors in 2014 as well."

Third Quarter 2013 Results

Revenues of $3.63 billion for the third quarter of 2013 grew 11% from $3.27
billion in the same prior-year period, driven by increases in each of the
Company's major revenue types. Content licensing and distribution revenues
grew 18%, led by domestic licensing revenues from the first-cycle
availabilities of NCIS: Los Angeles and The Good Wife. Advertising revenues
increased 4%, driven by the strength of network advertising, which grew 13%.
Affiliate and subscription fee revenues rose 23%, principally reflecting the
benefit from a Floyd Mayweather pay-per-view boxing event, as well as steady
growth from retransmission revenues and fees from CBS Television
Network-affiliated television stations.

OIBDA of $941 million for the third quarter of 2013 grew 4% from $904 million
for the same prior-year period, while operating income of $828 million
increased 5% from $788 million. The OIBDA and operating income growth was
driven by higher revenues, which were partially offset by increased investment
in television content and higher stock-based compensation, mainly attributable
to appreciation in the Company's stock price.

Net earnings from continuing operations were $469 million for the third
quarter of 2013, up 12% from $420 million of adjusted net earnings from
continuing operations for the same prior-year period. Diluted earnings per
share from continuing operations of $.76 for the third quarter of 2013 grew
19% from adjusted diluted earnings per share from continuing operations of
$.64 for the third quarter of 2012. The increases reflect the operating income
growth and lower weighted average shares outstanding, a result of the
Company's ongoing share repurchase program.

Adjusted net earnings from continuing operations for the third quarter of 2012
exclude a pretax loss on early extinguishment of debt of $57 million ($35
million, net of tax), or $.05 per share. No adjustments were made to reported
results for the third quarter of 2013. Reconciliations of non-GAAP measures to
reported results are included at the end of this earnings release.

Free Cash Flow, Balance Sheet and Liquidity

For the third quarter of 2013, free cash flow was $402 million compared with
$182 million for the same prior-year period. Last year's third quarter
included payments of approximately $60 million associated with the early
extinguishment of debt, primarily for make-whole premiums. For the nine months
ended September 30, 2013, free cash flow was $1.39 billion - including a
discretionary pension contribution of $150 million to prefund the Company's
qualified plans - compared with $1.37 billion of free cash flow for the same
prior-year period. Also for the nine months ended September 30, 2013, the
Company generated operating cash flow from continuing operations of $1.53
billion versus $1.51 billion for the comparable prior-year period.

During the third quarter of 2013, the Company repurchased 5.3 million shares
of CBS Corp. Class B Common Stock for $279 million. Year-to-date through
September 30, 2013, the Company repurchased 39.7 million shares of CBS Corp.
Class B Common Stock for $1.84 billion at an average price of approximately
$46 per share. Since the share repurchase program was initiated in January
2011 through September 30, 2013, the Company has repurchased 117.4 million
shares of its Class B Common Stock for $4.03 billion, at an average cost of
approximately $34 per share, leaving $5.79 billion of authorization remaining
at September 30, 2013.

Also as of September 30, 2013, the Company's debt outstanding was $6.31
billion, and its cash on hand was $226 million.

Consolidated and Segment Results (dollars in millions)

The tables below present the Company's revenues by segment and type as well as
its segment operating income (loss) before depreciation and amortization,
restructuring charges and impairment charges ("Segment OIBDA") and operating
income (loss) by segment for the three and nine months ended September 30,
2013, and 2012. Reconciliations of all non-GAAP measures to reported results
are included at the end of this earnings release.



                                    Three Months Ended Nine Months Ended
                                    September 30,      September 30,
Revenues by Segment                    2013     2012     2013      2012
 Entertainment                      $  1,884  $ 1,680  $ 6,431   $ 5,705
 Cable Networks                        596      436      1,592     1,334
 Publishing                            224      210      584       575
               Content Group           2,704    2,326    8,607     7,614
 Local Broadcasting                    641      661      1,977     1,987
 Outdoor Americas                      341      334      957       956
               Local Group             982      995      2,934     2,943
 Eliminations                          (52)     (55)     (168)     (166)
       Total Revenues               $  3,634  $ 3,266  $ 11,373  $ 10,391
                                    Three Months Ended Nine Months Ended
                                    September 30,     September 30,
Revenues by Type                       2013     2012     2013      2012
 Advertising                        $  1,856  $ 1,779  $ 6,401   $ 6,044
 Content licensing and distribution    1,094    931      3,099     2,764
 Affiliate and subscription fees       611      496      1,679     1,416
 Other                                 73       60       194       167
       Total Revenues               $  3,634  $ 3,266  $ 11,373  $ 10,391
                                    Three Months Ended Nine Months Ended
                                    September 30,     September 30,
Segment OIBDA                          2013     2012     2013      2012
 Entertainment                      $  431    $ 384    $ 1,340   $ 1,221
 Cable Networks                        261      227      699       626
 Publishing                            43       39       76        58
               Content Group           735      650      2,115     1,905
 Local Broadcasting                    181      213      635       632
 Outdoor Americas                      110      105      291       284
               Local Group             291      318      926       916
 Corporate                             (85)     (64)     (232)     (199)
       Adjusted OIBDA                  941      904      2,809     2,622
 Impairment charges                    —        —        —         (11)
       Total OIBDA                  $  941    $ 904    $ 2,809   $ 2,611
                                    Three Months Ended Nine Months Ended
                                    September 30,     September 30,
Operating Income (Loss)                2013     2012     2013      2012
 Entertainment                      $  394    $ 346    $ 1,225   $ 1,101
 Cable Networks                        255      221      684       609
 Publishing                            41       38       71        53
               Content Group           690      605      1,980     1,763
 Local Broadcasting                    161      190      571       553
 Outdoor Americas                      68       62       165       157
               Local Group             229      252      736       710
 Corporate                             (91)     (69)     (250)     (216)
       Total Operating Income       $  828    $ 788    $ 2,466   $ 2,257

Entertainment (CBS Television Network, CBS Television Studios, CBS Global
Distribution Group, CBS Films, and CBS Interactive)

Entertainment revenues of $1.88 billion for the third quarter of 2013
increased 12% from $1.68 billion for the same prior-year period. This increase
was the result of higher domestic licensing revenues, led by the first-cycle
availabilities of NCIS: Los Angeles and The Good Wife, as well as growth in
advertising revenues and network affiliation fees. The increase in advertising
revenues was driven by the CBS Television Network, which was up 13%, and CBS
Interactive.

Entertainment OIBDA for the third quarter of 2013 of $431 million increased
12% from $384 million for the same prior-year period. The OIBDA growth was
driven by higher revenue, which was partially offset by an increased
investment in television content.

Cable Networks (Showtime Networks, CBS Sports Network, and Smithsonian
Networks)

Cable Networks revenues for the third quarter of 2013 increased 37% to $596
million from $436 million for the same prior-year period. This growth was
driven by revenues from the Floyd Mayweather pay-per-view boxing event, higher
revenues from the licensing of Showtime original series, primarily Dexter, 
and higher affiliate revenues, which reflect increases in rates and
subscriptions at Showtime Networks and Smithsonian Networks.

Cable Networks OIBDA for the third quarter of 2013 of $261 million rose 15%
from $227 million for the same prior-year period, primarily because of revenue
growth, which was partially offset by higher programming costs (including
those associated with the pay-per-view boxing event as well as an increase
from the licensing and airing of Showtime original series).

Publishing (Simon & Schuster)

Publishing revenues for the third quarter of 2013 increased 7% to $224 million
from $210 million for the same prior-year period, primarily reflecting growth
in digital book sales, which increased 39% from the third quarter of 2012.
Digital book sales represented 27% of Publishing's total revenues for the
third quarter of 2013, compared with 21% for the same prior-year period.
Best-selling titles in the third quarter of 2013 included Doctor Sleep by
Stephen King and Si-cology 1 by Si Robertson.

Publishing OIBDA for the third quarter of 2013 of $43 million rose 10% from
$39 million for the same prior-year period. The increase was driven by revenue
growth, which was partially offset by higher royalty and advertising expenses.

Local Broadcasting (CBS Television Stations and CBS Radio)

Local Broadcasting revenues for the third quarter of 2013 decreased 3% to $641
million from $661 million for the same prior-year period. The decrease was the
result of lower political advertising revenues compared with 2012, which
benefited from the U.S. presidential election, and was partially offset by
strong growth in retransmission revenues. CBS Television Stations revenues
decreased 6%; however, non-political revenues were comparable with the third
quarter of 2012. CBS Radio revenues increased 1%, reflecting the benefit of
the new CBS Sports Radio network.

Local Broadcasting OIBDA for the third quarter of 2013 decreased 15% to $181
million from $213 million for the same prior-year period, primarily because of
lower revenues as well as the benefit to the third quarter of 2012 from the
initial impact of a new royalty agreement, which included a retroactive
benefit.

Outdoor Americas (CBS Outdoor)

Outdoor Americas revenues for the third quarter of 2013 grew 2% to $341
million from $334 million for the same prior-year period, driven by 4% revenue
growth in the U.S., with increases in the billboard and transit businesses of
3% and 5%, respectively.

Outdoor Americas OIBDA for the third quarter of 2013 grew 5% to $110 million
from $105 million for the same prior-year period, primarily driven by revenue
growth.

Corporate

Corporate expenses before depreciation for the third quarter of 2013 increased
$21 million to $85 million from $64 million for the same prior-year period,
reflecting higher stock-based compensation, mainly associated with the
increase in the Company's stock price, and professional fees related to the
conversion of Outdoor Americas to a Real Estate Investment Trust ("REIT").
These increases were partially offset by lower pension and postretirement
benefit costs, reflecting the benefit from prefunding pension plans and the
favorable performance of pension plan assets in 2012.

Outdoor Transactions

On September 30, 2013, the Company completed the sale of its outdoor
advertising business in Europe and Asia for $225 million. This transaction
resulted in a gain of $147 million. This gain was partially offset by an
after-tax charge of $110 million associated with the exiting of an
unprofitable contractual arrangement and the estimated fair value of
guarantees, which historically were intercompany but upon the closing of the
transaction became third-party guarantees. The Company's outdoor business in
Europe and Asia has been presented as a discontinued operation.

During the first quarter of 2013, the Company submitted a private letter
ruling request to the Internal Revenue Service with respect to certain matters
related to the planned separation of its Outdoor Americas business as well as
the qualification of such business as a REIT. Also during 2013, a preliminary
registration statement was filed with the Securities and Exchange Commission
for the proposed initial public offering ("IPO") of less than 20% of the
common stock of CBS Outdoor Americas Inc. Subject to market conditions,
customary approvals and obtaining the private letter ruling with respect to
the separation, the Company currently expects to initiate the IPO during the
first quarter of 2014 and, at a time subsequent to the IPO, dispose of the
shares of CBS Outdoor Americas Inc. that it will own after the completion of
the IPO.

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, TVGN (a joint
venture between CBS Corporation and Lionsgate), Smithsonian Networks, Simon &
Schuster, CBS Television Stations, CBS Radio, CBS Outdoor, CBS Television
Studios, CBS Global Distribution Group (CBS Studios International and CBS
Television Distribution), CBS Interactive, CBS Consumer Products, CBS Home
Entertainment, CBS Films and CBS EcoMedia. For more information, go to
www.cbscorporation.com.

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: advertising market
conditions generally; changes in the public acceptance of the Company's
programming; changes in technology and its effect on competition in the
Company's markets; changes in the Federal Communications laws and regulations;
the impact of piracy on the Company's products; the impact of the
consolidation in the market for the Company's programming; the impact of
negotiations or the loss of affiliation agreements or retransmission
agreements; the inability to obtain the requisite regulatory approvals and
changes in legislation, tax rules or market conditions, which could adversely
impact timing and the ability to consummate or achieve the benefits of
transactions involving the Company's Outdoor Americas business; other domestic
and global economic, business, competitive and/or other regulatory factors
affecting the Company's businesses generally; the impact of union activity,
including possible strikes or work stoppages or the Company's inability to
negotiate favorable terms for contract renewals; 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.



CBS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
                                      Three Months Ended  Nine Months Ended
                                      September 30,       September 30,
                                        2013      2012      2013       2012
Revenues                              $ 3,634   $ 3,266   $ 11,373   $ 10,391
Operating income                        828       788       2,466      2,257
     Interest expense                   (93)      (94)      (281)      (308)
     Interest income                    2         1         6          4
     Net loss on early extinguishment   —         (57)      —          (32)
     of debt
     Other items, net                   7         (3)       (2)        5
Earnings from continuing operations     744       635       2,189      1,926
before income taxes
     Provision for income taxes         (254)     (236)     (744)      (665)
     Equity in loss of investee         (21)      (14)      (37)       (30)
     companies, net of tax
Net earnings from continuing            469       385       1,408      1,231
operations
Net earnings (loss) from discontinued   25        6         1          (50)
operations, net of tax
Net earnings                          $ 494     $ 391     $ 1,409    $ 1,181
Basic net earnings (loss) per common
share:
     Net earnings from continuing     $ .78     $ .60     $ 2.30     $ 1.91
     operations
     Net earnings (loss) from         $ .04     $ .01     $ —        $ (.08)
     discontinued operations
     Net earnings                     $ .82     $ .61     $ 2.31     $ 1.83
Diluted net earnings (loss) per
common share:
     Net earnings from continuing     $ .76     $ .59     $ 2.25     $ 1.86
     operations
     Net earnings (loss) from         $ .04     $ .01     $ —        $ (.08)
     discontinued operations
     Net earnings                     $ .80     $ .60     $ 2.25     $ 1.78
Weighted average number of common
shares outstanding:
     Basic                              603       640       611        645
     Diluted                            618       656       627        662
Dividends per common share            $ .12     $ .12     $ .36      $ .32



CBS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions)
                                         At                  At
                                         September 30, 2013  December 31, 2012
Assets
Cash and cash equivalents                $    226            $   708
Receivables, net                              3,221              3,137
Programming and other inventory               554                859
Prepaid expenses and other current            891                1,016
assets
       Total current assets                   4,892              5,720
Property and equipment                        4,996              4,988
  Less accumulated depreciation and           2,796              2,717
  amortization
       Net property and equipment             2,200              2,271
Programming and other inventory               1,586              1,582
Goodwill                                      8,568              8,567
Intangible assets                             6,456              6,515
Other assets                                  2,193              1,811
Total Assets                             $    25,895         $   26,466
Liabilities and Stockholders' Equity
Accounts payable                         $    227            $   386
Participants' share and royalties             961                953
payable
Program rights                                436                455
Commercial paper                              341                —
Current portion of long-term debt             21                 18
Accrued expenses and other current            1,767              2,129
liabilities
       Total current liabilities              3,753              3,941
Long-term debt                                5,944              5,904
Other liabilities                             6,527              6,408
Total Stockholders' Equity                    9,671              10,213
Total Liabilities and Stockholders'      $    25,895         $   26,466
Equity



CBS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
                                                        Nine Months Ended
                                                        September 30,
                                                          2013        2012
Operating Activities:
Net earnings                                            $ 1,409     $ 1,181
Less: Net earnings (loss) from discontinued operations    1           (50)
Net earnings from continuing operations                   1,408       1,231
Adjustments to reconcile net earnings from continuing
operations
 to net cash flow provided by operating activities:
 Depreciation and amortization                            343         354
 Impairment charges                                       —           11
 Stock-based compensation                                 169         118
 Redemption of debt                                       —           (28)
 Equity in loss of investee companies, net of tax and     46          33
 distributions
 Change in assets and liabilities, net of investing and   (434)       (214)
 financing activities
Net cash flow provided by operating activities from       1,532       1,505
continuing operations
Net cash flow used for operating activities from          (212)       (25)
discontinued operations
Net cash flow provided by operating activities            1,320       1,480
Investing Activities:
 Acquisitions, net of cash acquired                       (31)        (70)
 Capital expenditures                                     (140)       (139)
 Investments in and advances to investee companies        (144)       (54)
 Proceeds from sale of investments                        20          11
 Proceeds from dispositions                               196         46
Net cash flow used for investing activities from          (99)        (206)
continuing operations
Net cash flow used for investing activities from          (17)        (13)
discontinued operations
Net cash flow used for investing activities               (116)       (219)
Financing Activities:
 Proceeds from short-term debt borrowings, net            341         —
 Proceeds from issuance of notes                          —           1,567
 Repayment of notes                                       —           (1,583)
 Payment of capital lease obligations                     (13)        (15)
 Payment of contingent consideration                      (30)        (33)
 Dividends                                                (228)       (199)
 Purchase of Company common stock                         (1,864)     (839)
 Payment of payroll taxes in lieu of issuing shares for   (142)       (105)
 stock-based compensation
 Proceeds from exercise of stock options                  121         140
 Excess tax benefit from stock-based compensation         133         93
 Other financing activities                               (4)         —
Net cash flow used for financing activities               (1,686)     (974)
Net (decrease) increase in cash and cash equivalents      (482)       287
Cash and cash equivalents at beginning of period          708         660
Cash and cash equivalents at end of period              $ 226       $ 947



CBS CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION
(Unaudited; in millions)

Segment Operating Income (Loss) Before Depreciation and Amortization ("OIBDA")
and Adjusted OIBDA

The Company presents Segment OIBDA as the primary measure of profit and loss
for its operating segments in accordance with FASB guidance for segment
reporting.

The following tables set forth the Company's OIBDA for the three and nine
months ended September 30, 2013 and 2012 and adjusted OIBDA for the nine
months ended September 30, 2012. The Company defines OIBDA as net earnings
(loss) adjusted to exclude the following line items presented in its
Consolidated Statements of Operations: Net earnings (loss) from discontinued
operations, net of tax; Equity in earnings (loss) of investee companies, net
of tax; Provision for income taxes; Other items, net; Net loss on early
extinguishment of debt; Interest income; Interest expense; and Depreciation
and amortization. The Company defines "Adjusted OIBDA" as OIBDA excluding
restructuring and impairment charges. For each individual operating segment,
Adjusted OIBDA is also known as "Segment OIBDA".

The Company uses Adjusted OIBDA (or Segment OIBDA for each segment), as well
as Adjusted OIBDA margin, to, among other things, evaluate the Company's
operating performance, to value prospective acquisitions and as one of several
components of incentive compensation targets for certain management personnel.
These measures are among the primary measures used by management for planning
and forecasting of future periods, and they are important indicators of the
Company's operational strength and business performance because they provide a
link between profitability and operating cash flow. The Company believes these
measures are relevant and useful for investors because they allow investors to
view performance in a manner similar to the method used by the Company's
management, help improve investors' understanding of the Company's operating
performance, and make it easier for investors to compare the Company's results
with other companies that have different financing and capital structures or
tax rates. In addition, these are among the primary measures used externally
by the Company's investors, analysts and industry peers for purposes of
valuation and for the comparison of the Company's operating performance to
other companies in its industry.

Because Adjusted OIBDA is not a measure of performance calculated in
accordance with accounting principles generally accepted in the United States
("GAAP"), it should not be considered in isolation of, or as a substitute for,
net earnings (loss) as an indicator of operating performance. Adjusted OIBDA,
as the Company calculates it, may not be comparable to similarly titled
measures employed by other companies. In addition, this measure does not
necessarily represent funds available for discretionary use and is not
necessarily a measure of the Company's ability to fund its cash needs. As
Adjusted OIBDA excludes certain financial information that is included in net
earnings (loss), the most directly comparable GAAP financial measure, users of
this financial information should consider the types of events and
transactions which are excluded. The Company provides the following
reconciliations of Adjusted OIBDA to operating income and net earnings (loss),
the most directly comparable amounts reported under GAAP. In addition, the
following tables also provide reconciliations of Segment OIBDA for each
segment to such segment's operating income (loss).



Three Months Ended September 30, 2013
                            Depreciation      Operating
                   OIBDA    and Amortization  Income (Loss)
Entertainment      $ 431    $     (37)        $    394
Cable Networks       261          (6)              255
Publishing           43           (2)              41
     Content Group   735          (45)             690
Local Broadcasting   181          (20)             161
Outdoor Americas     110          (42)             68
     Local Group     291          (62)             229
Corporate            (85)         (6)              (91)
   Total           $ 941    $     (113)       $    828
   Margin ^(a)       26%                           23%
Three Months Ended September 30, 2012
                            Depreciation      Operating
                   OIBDA    and Amortization  Income (Loss)
Entertainment      $ 384    $     (38)        $    346
Cable Networks       227          (6)              221
Publishing           39           (1)              38
     Content Group   650          (45)             605
Local Broadcasting   213          (23)             190
Outdoor Americas     105          (43)             62
     Local Group     318          (66)             252
Corporate            (64)         (5)              (69)
   Total           $ 904    $     (116)       $    788
   Margin ^(a)       28%                           24%



                                             Three Months Ended September 30,
                                             2013                   2012
Total OIBDA                                $ 941              $     904
     Depreciation and amortization           (113)                  (116)
Operating income                             828                    788
     Interest expense                        (93)                   (94)
     Interest income                         2                      1
     Loss on early extinguishment of debt    —                      (57)
     Other items, net                        7                      (3)
Earnings from continuing operations before   744                    635
income taxes
     Provision for income taxes              (254)                  (236)
     Equity in loss of investee companies,   (21)                   (14)
     net of tax
Net earnings from continuing operations      469                    385
Net earnings from discontinued operations,   25                     6
net of tax
Net earnings                               $ 494              $     391

(a) Margin is defined as OIBDA or operating income, as applicable, divided by
revenues.



Nine Months Ended September 30, 2013
                             Depreciation      Operating
                   OIBDA     and Amortization  Income (Loss)
Entertainment      $ 1,340   $     (115)       $    1,225
Cable Networks       699           (15)             684
Publishing           76            (5)              71
     Content Group   2,115         (135)            1,980
Local Broadcasting   635           (64)             571
Outdoor Americas     291           (126)            165
     Local Group     926           (190)            736
Corporate            (232)         (18)             (250)
   Total           $ 2,809   $     (343)       $    2,466
   Margin ^(a)       25%                            22%
Nine Months Ended September 30, 2012
                   Adjusted  Depreciation      Impairment     Operating
                   OIBDA     and Amortization  Charges        Income (Loss)
Entertainment      $ 1,221   $     (120)       $    —         $    1,101
Cable Networks       626           (17)             —              609
Publishing           58            (5)              —              53
     Content Group   1,905         (142)            —              1,763
Local Broadcasting   632           (68)             (11)           553
Outdoor Americas     284           (127)            —              157
     Local Group     916           (195)            (11)           710
Corporate            (199)         (17)             —              (216)
   Total           $ 2,622   $     (354)       $    (11)      $    2,257
   Margin ^(a)       25%                                           22%



                                              Nine Months Ended September 30,
                                              2013                  2012
Adjusted OIBDA                              $ 2,809           $     2,622
          Impairment charges                  —                     (11)
Total OIBDA                                   2,809                 2,611
          Depreciation and amortization       (343)                 (354)
Operating income                              2,466                 2,257
          Interest expense                    (281)                 (308)
          Interest income                     6                     4
          Net loss on early extinguishment    —                     (32)
          of debt
          Other items, net                    (2)                   5
Earnings from continuing operations before    2,189                 1,926
income taxes
          Provision for income taxes          (744)                 (665)
          Equity in loss of investee          (37)                  (30)
          companies, net of tax
Net earnings from continuing operations       1,408                 1,231
Net earnings (loss) from discontinued         1                     (50)
operations, net of tax
Net earnings                                $ 1,409           $     1,181
(a) Margin is defined as OIBDA, Adjusted OIBDA or operating income, as
applicable, divided by revenues.



Free Cash Flow

The Company defines free cash flow as its net cash flow provided by (used for)
operating activities before operating cash flow from discontinued operations
and less capital expenditures. The Company's calculation of free cash flow
includes capital expenditures because investment in capital expenditures is a
use of cash that is directly related to the Company's operations. The
Company's net cash flow provided by (used for) operating activities is the
most directly comparable GAAP financial measure.

Management believes free cash flow provides investors with an important
perspective on the cash available to the Company to service debt, make
strategic acquisitions and investments, maintain its capital assets, satisfy
its tax obligations, and fund ongoing operations and working capital needs. As
a result, free cash flow is a significant measure of the Company's ability to
generate long-term value.It is useful for investors to know whether this
ability is being enhanced or degraded as a result of the Company's operating
performance. The Company believes the presentation of free cash flow is
relevant and useful for investors because it allows investors to evaluate the
cash generated from the Company's underlying operations in a manner similar to
the method used by management. Free cash flow is one of several components of
incentive compensation targets for certain management personnel. In addition,
free cash flow is a primary measure used externally by the Company's
investors, analysts and industry peers for purposes of valuation and
comparison of the Company's operating performance to other companies in its
industry.

As free cash flow is not a measure calculated in accordance with GAAP, free
cash flow should not be considered in isolation of, or as a substitute for,
either net cash flow provided by (used for) operating activities as a measure
of liquidity or net earnings (loss) as a measure of operating performance.
Free cash flow, as the Company calculates it, may not be comparable to
similarly titled measures employed by other companies. In addition, free cash
flow as a measure of liquidity has certain limitations, does notnecessarily
represent funds available for discretionary use, and is not necessarily a
measure of the Company's ability to fund its cash needs. When comparing free
cash flow to net cash flow provided by (used for) operating activities, the
most directly comparable GAAP financial measure, users of this financial
information should consider the types of events and transactions that are not
reflected in free cash flow.

The following table presents a reconciliation of the Company's net cash flow
provided by operating activities to free cash flow.



                                    Three Months Ended    Nine Months Ended
                                    September 30,         September 30,
                                      2013      2012        2013        2012
Net cash flow provided by operating $ 269     $ 222       $ 1,320     $ 1,480
activities
Capital expenditures                  (57)      (55)        (140)       (139)
Exclude operating cash flow from      (190)     (15)        (212)       (25)
discontinued operations
Free cash flow                      $ 402     $ 182       $ 1,392     $ 1,366
The following table presents a summary of the Company's cash flows:
                                    Three Months Ended    Nine Months Ended
                                    September 30,         September 30,
                                      2013      2012        2013        2012
Net cash flow provided by operating $ 269     $ 222       $ 1,320     $ 1,480
activities
Net cash flow provided by (used     $ 114     $ (25)      $ (116)     $ (219)
for) investing activities
Net cash flow used for financing    $ (439)   $ (1,138)   $ (1,686)   $ (974)
activities

2012 Adjusted Results

The following tables reconcile adjusted financial results to the reported
results included in this earnings release. The Company believes that adjusting
its financial results for the impact of these items is relevant and useful for
investors because it allows investors to view performance in a manner similar
to the method used by the Company's management, provides a clearer perspective
on the current underlying performance of the Company, and adjusting each
period's results on the same basis makes it easier to compare the Company's
year-over-year results.



                        Three Months Ended September 30, 2012
                        2012        Impairment    Extinguishment  2012
                        Reported   Charges       of Debt         Adjusted
Revenues                $  3,266    $    —         $    —           $  3,266
OIBDA                      904           —              —              904
OIBDA margin ^(a)          28%                                         28%
Operating income           788           —              —              788
Interest expense           (94)          —              —              (94)
Interest income            1             —              —              1
Loss on early              (57)          —              57             —
extinguishment of debt
Other items, net           (3)           —              —              (3)
Earnings from
continuing operations      635           —              57             692
before income taxes
Provision for income       (236)         —              (22)           (258)
taxes
Effective income tax       37%                                         37%
rate
Equity in loss of
investee companies, net    (14)          —              —              (14)
of tax
Net earnings from       $  385      $    —         $    35          $  420
continuing operations
Diluted EPS from        $  .59      $    —         $    .05         $  .64
continuing operations
Diluted weighted
average number of
 common shares            656                                         656
outstanding
                        Nine Months Ended September 30, 2012
                        2012        Impairment    Extinguishment  2012
                        Reported   Charges^(b)  of Debt         Adjusted
Revenues                $  10,391   $    —         $    —           $  10,391
OIBDA                      2,611         11             —              2,622
OIBDA margin ^(a)          25%                                         25%
Operating income           2,257         11             —              2,268
Interest expense           (308)         —              —              (308)
Interest income            4             —              —              4
Net loss on early          (32)          —              32             —
extinguishment of debt
Other items, net           5             —              —              5
Earnings from
continuing operations      1,926         11             32             1,969
before income taxes
Provision for income       (665)         3              (13)           (675)
taxes
Effective income tax       35%                                         34%
rate
Equity in loss of
investee companies, net    (30)          —              —              (30)
of tax
Net earnings from       $  1,231    $    14        $    19          $  1,264
continuing operations
Diluted EPS from        $  1.86     $    .02       $    .03         $  1.91
continuing operations
Diluted weighted
average number of
 common shares            662                                         662
outstanding
(a) OIBDA margin is defined as OIBDA or Adjusted OIBDA divided by revenues.



(b) Reflects a noncash impairment charge to reduce goodwill at Local
Broadcasting in connection with radio station divestitures.



SOURCE CBS Corporation

Website: http://www.cbscorporation.com
Contact: Press: Gil Schwartz, Senior Executive Vice President and Chief
Communications Officer, (212) 975-2121, gdschwartz@cbs.com or Dana McClintock,
Executive Vice President of Communications, (212) 975-1077,
dlmcclintock@cbs.com; Investors: Adam Townsend, Executive Vice President,
Investor Relations, (212) 975-5292, adam.townsend@cbs.com or Jessica Kourakos,
Vice President, Investor Relations, (212) 975-6106, jessica.kourakos@cbs.com