Leslie Moonves Extends CBS Contract Through September 2011

NEW YORK, October 17: CBS Corporation’s president and CEO,
Leslie Moonves, has reached a new agreement to extend his employment with the
company through September 30, 2011.

The new agreement supersedes Moonves’s prior contract. Under
the terms of the agreement, Moonves's salary is $3.5 million per year, versus
$5.9 million in the previous contract, which included $2.9 million in deferred
compensation. Additionally, Moonves will be eligible for an annual
performance-based bonus and will receive significant equity-based compensation
that ties the value of the agreement to the performance of the company's stock.

"I look forward to working with Les for many years to
come," said Sumner Redstone, the executive chairman of CBS Corporation.
"What he has accomplished since we unleashed the new CBS Corporation has
exceeded all my expectations. There is no better CEO in America, and I have no
doubt that his success will only continue as he leads CBS into the next
decade."

"I love this great company and the talented people with
whom I am privileged to work," said Moonves. "I am very excited about
our future together and confident in our continued success."

Included in the agreement is a one-time option to purchase
five million shares of CBS Class B Common Stock, which will be granted later
this week. These stock options will vest in four equal installments over the
next four years. Additionally, the agreement provides Moonves annual restricted
stock units (RSUs) during the term with a value of $7.6 million per year. The
company has also provided incentives for Moonves to continue his relationship
with the company upon the end of the employment term.

—By Irene Lew