CBS Corporation Announces Plans For A $1.5 Billion Accelerated Share Repurchase

     CBS Corporation Announces Plans For A $1.5 Billion Accelerated Share

Company Plans To Use a Total of $2 Billion of Its Share Buyback Program in the
First Quarter

PR Newswire

NEW YORK, Feb. 12, 2014

NEW YORK, Feb. 12, 2014 /PRNewswire/ -- CBS Corporation (NYSE: CBS.A and CBS)
announced today plans to initiate an accelerated share repurchase ("ASR") of
$1.5 billion of its Class B common stock during the first quarter of 2014. In
addition, the Company plans to step up the pace of its open market share
repurchases. As a result, CBS plans to use a total of $2 billion of its share
buyback program during the first quarter.

"The $2 billion of our share repurchase program that we plan to spend in the
first quarter is nearly the same amount as our total share buyback program in
2013," said Leslie Moonves, President and Chief Executive Officer, CBS
Corporation. "Returning value to shareholders is a top priority at CBS. And
these actions underscore the great confidence we have in our future as we
continue to evolve into a Company that is more reliant on fast-growing,
non-advertising revenue streams."

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

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, without
limitation, those resulting from capital market risks and 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 Contact: Dana McClintock, (212) 975-1077,;
or Investor Contact: Adam Townsend, (212) 975-5292,, or
Jessica Kourakos, (212) 975-6106,
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