Jan. 6, 2006

CBS today completed its previously announced (Nov. 3) $325 million acquisition of CSTV Networks, Inc., the leading digital media company devoted exclusively to college athletics.

CSTV will continue to operate as its own division under the CBS Television segment. Brian Bedol, its co-founder, will remain its President and CEO, reporting directly to Leslie Moonves, President and CEO, CBS Corporation.

"We're extremely excited to officially welcome CSTV into the CBS family," said Moonves. "Now that we have completed this acquisition, we can move ahead full force in growing CSTV's digital cable network as well as integrating CSTV's high growth Internet properties into the CBS Digital Media Platform."

CBS Corporation 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), local television (CBS Television Stations), television production and syndication (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). For more information, log on to www.cbscorporation.com