CBS Corporation Launches CBS Records

NEW YORK, December 15: CBS Corporation has revived the CBS
Records label, which will build awareness for its artists by integrating their
music into CBS television series.

CBS Records first launched in 1938 and over the course of
five decades was home to such artists as Aerosmith, Miles Davis, Billie
Holiday, Billy Joel, and Barbra Streisand. In 1988, CBS Records was acquired by
Sony and was eventually integrated into Sony Music Entertainment.

Music from the new CBS Records will be included in
prime-time entertainment series on CBS, as well as in shows in other day parts.
Further, artists and songs will be incorporated into programs produced by CBS
Paramount Television, whose slate of shows includes CSI: Crime Scene
Investigation, Everybody Hates
Chris, Medium and The 4400. Artists and their music will be available to programs on CBS's sister
network The CW. Music videos and other music-related content will be streamed
on CBS's broadband channel innertube, and music videos, artist performances and
music from CBS Records that is integrated into television programming will also
be showcased as part of CBS's content and marketing partnerships with YouTube,
and other digital outlets, as well as on wireless carriers.

In unveiling the new entity, CBS also announced plans to
make songs, music videos and other music-related content from CBS Records
available for purchase from the iTunes Store. The music will also be offered
through www.cbsrecords.com. Agreements
with other online and wireless providers will be announced at a later date. CBS
Records will also offer physical distribution through partnerships with outside
companies.

"CBS is one of the most powerful entertainment brands
in the world, and music represents a natural and complementary extension of our
content assets," said Leslie Moonves, the president and CEO of CBS
Corporation. "With more consumers choosing the online download model as
the preferred way to purchase their favorite songs, we have an opportunity to
use our unique and broad collection of media platforms to create a new music
label paradigm for a small price of admission."

"The marriage of television and music with CBS Records
offers tremendous creative and commercial potential for everyone," added
Nancy Tellem, the president of CBS Paramount Network Television Entertainment
Group. "Our artists will have access to an incredibly powerful medium
(television) to drive music sales; our television producers will have greater
flexibility to use music as a creative enhancement in their shows; and our
company will be able to reduce the network and studio's music licensing cost
center while transforming it into a new revenue stream."

CBS Records will be launched primarily utilizing the
existing infrastructure of CBS Entertainment and CBS Interactive. It will
operate as a newly created unit within the Entertainment division based in Los
Angeles, reporting to Tellem. Larry Jenkins, currently head of his own
management company, L J Entertainment, has been brought onboard to consult for
CBS Records during the primary launch phase.