CBS CORPORATION INCREASES SHARE REPURCHASE PROGR

CBS CORPORATION INCREASES SHARE REPURCHASE PROGRAM AND DIVIDEND

Published on: 07/26/2012

Company Expands Share Repurchase Program to a Total of $4.7 Billion

Quarterly Dividend to Rise 20%

CBS Corporation (NYSE: CBS and CBS.A) today announced that its Board of Directors has approved an increase in the amount of value it will return to shareholders, bringing the total amount authorized under the Company’s share repurchase program to $4.7 billion. The program, which was initiated in January 2011, will be increased by 57%. In addition, the Board voted to increase the Company’s quarterly dividend by 20%.

To date, CBS has spent $1.7 billion on this share repurchase program, and given today’s announcement, it will now have $3 billion remaining in the program. The Company intends to accelerate the pace of the newly expanded program and complete it by the end of 2014. The Company will continue to use the program to repurchase CBS Corporation Class B common stock.

At the same time, the Company’s Board of Directors has approved a 20% increase to CBS Corporation’s quarterly dividend, which will now be $.12 per share. The next scheduled dividend is payable on October 1, 2012, to shareholders of record as of September 10, 2012.

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, 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 Studios International, CBS Television Distribution, CBS Interactive, CBS Consumer Products, CBS Home Entertainment, CBS Films and CBS EcoMedia. For more information, go to www.cbscorporation.com .