THE CW ANNOUNCES FOUR NEW LONG-TERM AFFILIATION AGREEMENTS

America's Fifth Broadcast Network Increases National Coverage To Almost 54% Of The Country

Rochester (N.Y.), Chattanooga, El Paso and Youngstown Are the Latest Markets to be Served by The CW

The CW announced today that it has signed exclusive, long-term affiliation agreements with stations in Rochester, N.Y.; Chattanooga, Tenn.; El Paso, Texas; and Youngstown, Ohio. The combination of these four newly signed affiliates with the previously announced affiliations brings America's fifth broadcast network's national coverage to almost 54% of the country, including 18 of the Top 20 markets and 25 of the Top 30.

The newly signed affiliates are:

* WRWB-TV Rochester, N.Y., owned by WB/Time Warner Cable.

* WFLI-TV Chattanooga, Tenn., owned by Meredith Corporation.

* KVIA-DT El Paso, Texas, owned by News-Press & Gazette.

* WBCB-TV Youngstown, Ohio, owned by Vindicator.

These stations are in the 79th, 86th, 99th and 102nd largest markets in the country, respectively, and represent 1.19% of total U.S. TV households. WRWB Rochester, N.Y., WFLI Chattanooga, Tenn. and WBCB Youngstown, Ohio, a digital station, are currently affiliated with The WB; KVIA-DT El Paso, Texas is the digital station of the ABC affiliate in El Paso.

"As we build The CW's affiliate line-up station-by-station and market-by-market, it's an exciting opportunity to partner with a variety of companies, all of whom share our enthusiasm and optimism about America's fifth broadcast network," said John Maatta, Chief Operating Officer, The CW. "Each new affiliate brings its individual strengths to The CW. We look forward to working with these four stations as we maximize the value of our new business relationship."

On January 24, CBS Corporation and Warner Bros. Entertainment announced their intent to form a new 5th network, The CW, to be launched in the fall of 2006. The new broadcasting network will be a joint venture between Warner Bros. Entertainment and CBS Corporation, with each company owning 50%.

In an important strategic move that secures major market distribution for The CW, it was also announced on January 24th that Tribune Broadcasting and the CBS Corporation's UPN affiliates have agreed separately to sign 10-year affiliation agreements with the new network. The combination of Tribune's 16 major market stations (New York, Los Angeles, Chicago, Boston, Dallas, Washington, D.C., Houston, Miami, Denver, St. Louis, Portland, Indianapolis, San Diego, Hartford, New Orleans and Albany) and the 11 CBS-owned UPN major market affiliates (Philadelphia, San Francisco, Atlanta, Detroit, Tampa, Seattle, Sacramento, Pittsburgh, West Palm Beach, Norfolk and Providence) cover the top 13 television markets, 20 of the top 25 television markets and have a total coverage area of more than 47% of the country.

The CW will incorporate The WB's current scheduling model, which consists of a 6 night-13 hour primetime lineup including Monday through Friday nights from 8-10 (EST/PST); Sundays from 7-10 (EST/PST); Sunday from 5-7 (EST/PST) outside of primetime as well as a Monday thru Friday afternoon block from 3-5 (EST/PST) and a 5-hour Saturday morning animation block. Together, the network will program 30 hours a week over seven days for its affiliated stations.

CBS Corporation (NYSE: CBS.A and CBS) 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 UPN), cable television (Showtime and CSTV Networks), local television (CBS Television Stations), television production and syndication (CBS Paramount Television and King World), radio (CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing (Simon & Schuster), theme parks (Paramount Parks), digital media (CBS Digital Media Group and CSTV Networks) and consumer products (CBS Consumer Products). In Fall 2006, UPN will cease operations and The CW, a new fifth broadcast television network, will launch as a joint venture between Warner Bros. Entertainment and CBS Corporation. For more information, log on to www.cbscorporation.com.

Warner Bros. Entertainment, a fully-integrated, broad-based entertainment company, is a global leader in the creation, production, distribution, licensing and marketing of all forms of entertainment and their related businesses. Warner Bros. Entertainment, a Time Warner Company, stands at the forefront of every aspect of the entertainment industry, from feature films to television, home video/DVD, animation, comic books, interactive entertainment and games, product and brand licensing, international cinemas and broadcasting.