CBS CORPORATION LAUNCHES CBS RECORDS

New Entity To Feature A Marquee Brand From The Past And A New Paradigm For Music�s Future � Utilizing CBS�s Television And Media Platforms To Market And Distribute Music

CBS Records Announces Its Songs, Music Videos And More Will Be Available On iTunes

CBS Corporation is launching a new music label that will draw upon one of the great names in music history � CBS Records � and the considerable mass media assets across its Company to market and distribute new music, it was announced today by Leslie Moonves, President and Chief Executive Officer, CBS Corporation. An emphasis of the new label will be to build awareness for CBS Records� artists and songs by integrating music into CBS television series.

In unveiling the new entity, CBS also announced plans to make songs, music videos and other music-related content from CBS Records available for purchase and download at the iTunes Store (www.itunes.com).

Offering an alternative approach to introducing music into the marketplace, CBS Records will build a select roster of artists from the limitless ranks of independent musicians who write and perform their own songs with an initial focus on digital distribution of their content. In addition to the iTunes Store, the music will be offered through www.cbsrecords.com, as well as other agreements with online and wireless providers that will be announced at a later date. CBS Records will also offer physical distribution through partnerships with outside companies.

�CBS is one of the most powerful entertainment brands in the world, and music represents a natural and complementary extension of our content assets,� said Moonves. �With more consumers choosing the online download model as the preferred way to purchase their favorite songs, we have an opportunity to use our unique and broad collection of media platforms to create a new music label paradigm for a small price of admission.�

�The marriage of television and music with CBS Records offers tremendous creative and commercial potential for everyone,� said Nancy Tellem, President, CBS Paramount Network Television Entertainment Group. �Our artists will have access to an incredibly powerful medium (television) to drive music sales; our television producers will have greater flexibility to use music as a creative enhancement in their shows; and our Company will be able to reduce the Network and studio�s music licensing cost center while transforming it into a new revenue stream.�

CBS Records will harness the powerful marketing reach of the Corporation�s diverse portfolio of mass media platforms to promote its music and talent directly to millions of consumers.

� Music from CBS Records will be included in primetime entertainment series on the CBS Television Network�s top-rated schedule, as well as on shows broadcast across all day parts.

� Artists and songs will be incorporated into programs produced by CBS Paramount Television, which supplies programming to the broadcast, basic and pay cable television networks. CBS Paramount�s slate of shows includes �CSI: Crime Scene Investigation� (CBS), �Everybody Hates Chris� (The CW), �Medium� (NBC) and �The 4400� (USA Network), to name just a few.

� Artists and their music will be available to programs on CBS�s sister network The CW, which features some of television�s most popular shows with young viewers, including �America's Next Top Model�; and on CBS-owned Showtime, a leading premium cable network with cutting-edge programming such as �Weeds� and �Dexter.�

� Music videos and other music-related content will be streamed on CBS�s broadband channel �innertube,� which offers a wide range of free content to Internet users.

� Music videos, artist performances and music from CBS Records that is integrated into television programming will also be showcased as part of CBS�s content and marketing partnerships with YouTube, and other digital outlets, as well as on wireless carriers.

� CBS Records will draw upon the Company�s extensive reach to college students through the CSTV Networks, which includes websites for 240 colleges across the country and 100 broadband channels.

�We will continue to work closely with our friends and colleagues at the other labels to put their music and artists in our television shows in all day parts,� said Jack Sussman, Executive Vice President, Specials, Music and Live Events, CBS Entertainment. �With CBS Records, we also have the ability to discover and develop new musical talent, deliver their content to the consumer, and provide them exposure on all of our various media platforms, including the biggest stage of all -- network television.�

As part of its launch, CBS Records has signed several artists to its initial talent roster, including:

� Will Dailey, who was recently named Best Male Singer/Songwriter at the 2006 Boston Music Awards. CBS Records will release Dailey�s debut album, Back Flipping Forward. Featured on that album is the song �Grand Opening,� which was heard in the Nov. 29th episode of �Jericho,� on the CBS Television Network.

� P.J. Olsson, a 2007 Grammy Award nominee. Olsson�s Words For Living album was a critical favorite, and his music has been featured prominently in commercials, on several network series and in films. Olsson has appeared on the �Late Show with David Letterman� and other national broadcasts. He's currently working on his CBS Records debut album.

� Indie rock band Se�or Happy, whose music has been featured on several series on MTV and VH1. Their album, I'm Sorry, will be released by CBS Records in January 2007. Their song, �Love If You�re Real,� will be featured on the Dec. 15th episode of �Ghost Whisperer,� on CBS.

CBS Records will be launched primarily utilizing the existing infrastructure of CBS Entertainment and CBS Interactive. It will operate as a newly created unit within the Entertainment division based in Los Angeles, reporting to Tellem.

Larry Jenkins, a 23-year music industry veteran with vast experience at major labels and currently head of his own management company, L J Entertainment, has been brought onboard to consult for CBS Records during the primary launch phase. Jenkins will work closely with Sussman, as well as Amy Osler, Vice President, Music, CBS Entertainment and CBS Paramount Network Television, and Jeff Sellinger from CBS Interactive to sign new talent, hire key music industry executives for the new venture and work with the various divisions to promote and distribute CBS Records music.

CBS Records has a long and storied history dating back to 1938. Over the next 50 years, the company�s labels were home to some of the greatest artists in the history of recorded music, including Aerosmith, Tony Bennett, Miles Davis, Bob Dylan, Earth, Wind & Fire, Billie Holiday, Billy Joel, Frank Sinatra, Bruce Springsteen, Barbra Streisand, and many more. In 1988, CBS Records was acquired by Sony, and a few years later, its assets were integrated into Sony Music Entertainment.

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 The CW � a joint venture between CBS Corporation and Warner Bros. Entertainment), cable television (Showtime and CSTV Networks), local television (CBS Television Stations), television production and syndication (CBS Paramount Network Television and CBS Television Distribution Group), radio (CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing (Simon & Schuster), digital media (CBS Interactive and CSTV Networks) and consumer products (CBS Consumer Products). For more information, log on to www.cbscorporation.com.