Liberty Swaps CBS Stock for TV Station

ENGLEWOOD, February 13: Liberty Media Corporation has agreed
to exchange its stake in CBS Corporation for a TV station in Green Bay,
Wisconsin, and $170 million in cash.

Liberty Media holds about 7.6 million CBS common
shares—equivalent to just 1 percent of the company. The Green Bay
television station is valued at $64 million, Liberty Media said in a press
release.

"This transaction represents another step in our
transformation of Liberty into a focused operating company,” said David
Flowers, the senior VP and treasurer at Liberty Media. “We are continuing to
convert passive investments into operating businesses. We are impressed by the
success achieved by the long-standing management team in Green Bay and look
forward to welcoming them to the Liberty family."

The transaction, unanimously approved by the boards of CBS
Corporation and Liberty Media Corporation, is expected to be completed in the
second quarter of 2007, and is subject to FCC approval and other customary
closing conditions.