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News Release

CBS Corporation Announces Redemption of 5.75% Senior Notes Due 2020

NEW YORK, Nov. 13, 2017 /PRNewswire/ -- CBS Corporation (NYSE: CBS.A and CBS) today announced the full redemption of its outstanding 5.75% senior notes due April 15, 2020. The redemption date is November 30, 2017.

The total redemption payment for the notes is equal to the sum of the principal amount of the notes outstanding, the make-whole amount calculated in accordance with the terms of the notes and the related indenture under which the notes were issued, and the accrued and unpaid interest on the notes up to, but excluding, the redemption date of November 30, 2017. The aggregate principal amount of the notes outstanding on November 13, 2017, is $500 million.

Holders owning notes through a broker, bank, or other nominee should contact that party for information. For more information, holders of notes may call the paying agent for the redemption, Deutsche Bank Trust Company Americas at (800) 735-7777.

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.

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SOURCE CBS Corporation

Press Contacts: Dana McClintock, (212) 975-1077, dlmcclintock@cbs.com or Judy DeHaven, (212) 975-1942, jdehaven@cbs.com; Investor Contacts: Adam Townsend, (212) 975-5292, adam.townsend@cbs.com or David Bank, (212) 975-6106, david.bank@cbs.com