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Press release from PR Newswire

CBS Corporation Announces $1.5 Billion Share Repurchase Program

Thursday, November 04, 2010

CBS Corporation Announces $1.5 Billion Share Repurchase Program16:01 EDT Thursday, November 04, 2010NEW YORK, Nov. 4, 2010 /PRNewswire-FirstCall/ -- CBS Corporation (NYSE: CBS and CBS.A) today announced that its Board of Directors has approved a $1.5 billion share repurchase program. The Company intends to use the program to repurchase CBS Corporation Class B common stock, beginning in January 2011. "This new share buyback program reflects the confidence we have in the long-term strength and viability of our business, which continues to generate strong, healthy free cash flow," said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. "We have a long-standing commitment to returning value to our shareholders and this initiative speaks to that." About CBS Corporation CBS Corporation is a mass media company with constituent parts that reach back to the beginnings of the broadcast industry, as well as newer businesses that operate on the leading edge of the media industry. The Company, through its many and varied operations, combines broad reach with well-positioned local businesses, all of which provide it with an extensive distribution network by which it serves audiences and advertisers in all 50 states and key international markets. It has operations in virtually every field of media and entertainment, including broadcast television (CBS and The CW ? a joint venture between CBS Corporation and Warner Bros. Entertainment), cable television (Showtime Networks, Smithsonian Networks and CBS College Sports Network), local television (CBS Television Stations), television production and syndication (CBS Television Studios, CBS Studios International and CBS Television Distribution), radio (CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing (Simon & Schuster), interactive media (CBS Interactive), music (CBS Records), licensing and merchandising (CBS Consumer Products), video/DVD (CBS Home Entertainment), motion pictures (CBS Films) and sustainable media (EcoMedia). For more information, log on to www.cbscorporation.com. SOURCE CBS CorporationFor further information: Press, Dana McClintock, +1-212-975-1077, dlmcclintock@cbs.com, or Investor Relations, Adam Townsend, +1-212-975-5292 adam.townsend@cbs.com