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Press release from PR Newswire

CBS Corporation Announces Redemption of Senior Notes Due 2056

Friday, February 24, 2012

CBS Corporation Announces Redemption of Senior Notes Due 205616:15 EST Friday, February 24, 2012Call to Redeem All of Its Outstanding 6.75% Senior Notes Due 2056NEW YORK, Feb. 24, 2012 /PRNewswire/ -- CBS Corporation (NYSE: CBS.A and CBS) announced today the full redemption of its $700 million outstanding 6.75% senior notes due March 27, 2056 (NYSE: CPV), on March 28, 2012, the redemption date. The redemption price is 100% of the unpaid principal amount of the notes, together with accrued and unpaid interest up to, but excluding, March 28, 2012. The notes will be called for redemption in minimum denominations of $25 and in multiples of $25. Holders owning notes through a broker, bank or other nominee should contact that party for information. For more information, note holders may call the paying agent for the redemption, The Bank of New York Mellon, at 1-800-254-2826.DISCLOSURE NOTICE: Some statements in this release may constitute forward-looking statements. CBS Corporation cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. A description of risks and uncertainties can be found in CBS Corporation's most recent Annual Report on Form 10-K and in its other public filings and press releases. Except as required by law, CBS Corporation does not assume any obligation to update any forward-looking statements contained in this release as a result of new information or future events or developments.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 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), 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; Investors: Adam Townsend, +1-212-975-5292, adam.townsend@cbs.com; Jessica Kourakos, +1-212-975-6106, jessica.kourakos@cbs.com