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CBS to Convert Outdoor Americas into REIT; Will Sell Overseas Division

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CBS Corporation (NYSE: CBS.A and CBS) today announced a pair of strategic initiatives regarding its CBS Outdoor operating segment, which is comprised of two businesses -- one in the Americas and the other in Europe and Asia.

For the Outdoor Americas division, the Company has begun the process of converting the business into a real estate investment trust (REIT). For its Outdoor operations in Europe and Asia, the Company will pursue a divestiture of the business, which will be presented as a discontinued operation as of December 31, 2012.

"We believe the moves we are announcing today will unlock the tremendous value of these unique quality assets," said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. "We have studied the benefits of converting our Americas operations into a REIT, and we are increasingly enthusiastic that this transaction -- as well as the sale of our business in Europe and Asia -- will achieve significant value for our shareholders."

As part of CBS's plan to convert its Outdoor Americas division into a REIT, the Company will submit a request for a private letter ruling from the Internal Revenue Service during the first quarter of 2013. If the ruling is granted, the Company could complete the REIT conversion in the taxable year beginning in 2014. All of these actions are subject to customary approvals.

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, outdoor advertising, 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), Showtime Networks, CBS Sports Network, Smithsonian Networks, Simon & Schuster, CBS Television Stations, CBS Radio, CBS Outdoor, CBS Television Studios, CBS Global Distribution Group, CBS Interactive, CBS Consumer Products, CBS Home Entertainment, CBS Films and CBS EcoMedia. For more information, go to www.cbscorporation.com.

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