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News Release

CBS Corporation Announces $900 Million Senior Notes Offering

CBS Corporation (NYSE: CBS.A and CBS) today announced the pricing of a debt offering of $400 million of 2.500% senior notes due 2023 and $500 million of 3.375% senior notes due 2028. The sale of the senior notes is expected to close on July 3, 2017, subject to customary closing conditions.

After deducting fees and expenses related to this offering, CBS intends to use the net proceeds to repay at maturity its $400 million outstanding aggregate principal amount of 1.95% senior notes due July 1, 2017, and to redeem all of its $300 million outstanding aggregate principal amount of 4.625% senior notes due May 15, 2018. The remaining net proceeds, if any, will be used for general corporate purposes including, among other things, the repayment of short-term borrowings, including commercial paper.

The joint book managers for the offering are Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Wells Fargo Securities, LLC.

This offering is being made pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission (“SEC”) and only by means of a prospectus and related prospectus supplement. These documents may be obtained for free from the SEC at www.sec.gov or by contacting CBS Investor Relations by telephone at (877) CBS-0787 or by email at investorrelations@cbs.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Disclosure Notice

Certain statements in this release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. 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. Important factors that could cause actual results to differ materially from our expectations include, without limitation: changes in legislation, tax rules or market conditions; other domestic and global economic, business, competitive and/or regulatory factors affecting CBS Corporation’s businesses; the ability to achieve the separation of CBS Corporation’s radio business on the anticipated terms; and other factors described in CBS Corporation’s filings with the SEC including, but not limited to, its most recent Forms 10-K, 10-Q and 8-K. You should not place undue reliance on these forward-looking statements, which apply only as of the time of this news release. Except to the extent required by applicable securities laws, we do not undertake 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 (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, 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), CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Consumer Products, CBS Home Entertainment, CBS Interactive, CBS Films, Showtime Networks, CBS Sports Network, Pop (a joint venture between CBS Corporation and Lionsgate), Smithsonian Networks, Simon & Schuster, CBS Television Stations, CBS Radio and CBS EcoMedia. For more information, go to www.cbscorporation.com.