CBS Corporation Signs Definitive Agreement with Wilks Broadcasting to Sell Three Radio Stations in Denver

CBS Corporation Signs Definitive Agreement with Wilks Broadcasting to Sell Three Radio Stations in Denver

Deal Furthers the Company's Strategy to Divest Mid-Size Market Stations and Focus on Large Markets

NEW YORK, Dec. 22 /PRNewswire-FirstCall/ -- CBS Corporation (NYSE:CBS.A and) (NYSE:CBS) announced today that it has signed a definitive agreement to sell three of its owned radio stations in Denver, KWLI-FM (Country), KIMN-FM (Adult Contemporary) and KXKL-FM (Classic Hits), to Wilks Broadcasting for $19.5 million in cash.

"This deal marks another step forward in our strategy of exiting mid-size radio markets," said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. "We believe that focusing on the nation's largest markets represents the best value for our shareholders, and we will continue working to secure deals at attractive exit values such as this one for our remaining mid-size markets."

Jeff Wilks, CEO of Wilks Broadcasting said, "We continue to believe in the power and the future of radio, and look forward to adding Denver to our portfolio of radio broadcast stations. Denver is the market where I started my career and I'm excited to come back and operate these three leading stations."

On December 12, 2008, the Company reached a definitive agreement with Clear Channel Communications to swap five mid-size market stations for two large-market stations. With the sale of KWLI-FM, KIMN-FM and KXKL-FM to Wilks, the Company will have sold or swapped a total of eight stations in five mid-size markets since announcing its intention in July to explore the divestiture of 50 mid-size market radio stations.

The transaction is subject to customary conditions, including regulatory and other approvals.

About CBS Corporation

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 The CW -- a joint venture between CBS Corporation and Warner Bros. Entertainment), cable television (Showtime Networks and CBS College Sports Network), local television (CBS Television Stations), television production and syndication (CBS Paramount Network Television and CBS Television Distribution), radio (CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing (Simon & Schuster), interactive media (CBS Interactive), music (CBS Records), licensing and merchandising (CBS Consumer Products), video/DVD (CBS Home Entertainment), in-store media (CBS Outernet) and motion pictures (CBS Films). For more information, log on to www.cbscorporation.com.

About Wilks Broadcasting

Wilks Broadcasting is a radio broadcasting company established as a platform to acquire and operate stations in attractive mid-size U.S. markets. Its current portfolio consists of 18 FM stations across five markets that include Kansas City, MO, Columbus, OH, Fresno, CA, Reno, NV and Lubbock, TX. Wilks is an affiliate of The Wicks Group of Companies, LLC, a private equity firm focused on investing in selected segments of the communications, information and media industries, including numerous transactions in the radio and television broadcasting sectors. For more information on Wilks, please visit www.wilksbroadcastgroup.com.

First Call Analyst:
FCMN Contact: jeremy.murphy@cbs.com

Source: CBS Corporation

CONTACT: Dana McClintock, +1-212-975-1077, dlmcclintock@cbs.com, or
Andrea L. Prochniak, +1-212-975-0053, andrea.prochniak@cbs.com, both of CBS
Corporation; or Karen L. Mateo of CBS RADIO, +1-212-846-7638,
karen.mateo@cbsradio.com; or Jeff Wilks of Wilks Broadcasting,
+1-404-909-0660, jwilks@wilksbroadcasting.com; or Craig Klosk,
+1-212-838-2100, craig.klosk@wicksgroup.com, or E.J. Sloboda, +1-212-838-2100,
ej.sloboda@wicksgroup.com, both of The Wicks Group

Web Site: http://www.cbscorporation.com/
http://www.wilksbroadcastgroup.com/

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Profile: International Entertainment