CBS Corporation Completes Sale of Local TV Stations to Cerberus

NEW YORK, January 11: CBS
Corporation has completed the sale of television stations in four markets to
Four Points Media Group, an affiliate of Cerberus Capital Management, for $185
million in cash.

With this deal, CBS
Corporation has now completed all of its previously announced local TV station
and radio station divestitures. In total, CBS Corporation has sold 39 radio
stations in 10 markets and 11 TV stations in seven markets for a total of $922
million since December 2006. CBS Corporation now owns 29 television stations and
140 radio stations.

—By Irene Lew