CBS Corporation Reports Q3 Results

NEW YORK, November 2: CBS Corporation’s net earnings from
continuing operations in the third quarter rose 26 percent to $324 million, on
revenues of $3.4 billion.

Net earnings were $316.9 million, compared with $708.5 million
last year, when the company was still part of Viacom.

"CBS Corporation is right on track," said Sumner
Redstone, the executive chairman of CBS Corporation. "We remain committed
to escalating shareholder value as we continue to drive our businesses forward.
I am encouraged by the strategic vision Leslie [Moonves, president and CEO] and
his team have put forth to capitalize upon the tremendous opportunities
unfolding in the digital age."

Moonves added, "This was another strong quarter,
posting solid profit increases in television and outdoor, generating
significant free cash flow, and delivering the third of three dividend
increases since the start of the year.”

He continued, “Through innovative partnerships with YouTube,
Yahoo, and many other key new media concerns, we're aggressively pursuing
opportunities that help us extend our world-class mass-appeal content to new
digital platforms and channels and get paid for it. As a premier content
company, we continue to be pleased with new technological developments that
allow consumers to more easily enjoy our content, and extend our reach into the
digital space."

Television revenues decreased slightly to $2.2 billion, as
growth in television license fee revenues and affiliate fees was offset by
lower advertising and home entertainment revenues. Television license fees were
up 7 percent due to the domestic syndication CSI: Miami and higher foreign syndication revenues. Affiliate
fees increased 6 percent due to rate increases and subscriber growth at Showtime
and the inclusion of CSTV Networks since its acquisition in January 2006.
Advertising revenues decreased 3 percent primarily due to the shutdown of UPN
in September and the absence of the Primetime Emmy telecast in 2006, partially
offset by strong political advertising sales at the television stations. Home
entertainment revenues decreased 35 percent principally due to the switch from
self-distribution in 2005 to third party distribution in 2006. Operating income
rose 10 percent to $414.4 million.