July 22, 2008

Adam Townsend Named Executive Vice President, Investor Relations for CBS Corporation

NEW YORK, July 22 /PRNewswire-FirstCall/ -- Adam Townsend has been named Executive Vice President, Investor Relations for CBS Corporation , it was announced today by Leslie Moonves, President and CEO, CBS Corporation and Marty Shea, Executive Vice President, Investor Relations, who has led CBS Investor Relations since CBS became a stand-alone company in January 2006.

An experienced financial services executive who most recently led E*Trade's Investor Relations and Corporate Strategy operations, Townsend will now oversee CBS's daily outreach to the investment community, reporting to Moonves and Shea.

"Adam brings a unique perspective to the Investor Relations role, having served on both the buy-and-sell sides of the business," said Moonves. "He has more than 10 years of experience covering online consumer-driven business models, as well as significant background in-house, including being involved in more than $5 billion of transactions at his previous role with E*Trade. I'm confident that working with Marty, Adam will do terrific work in sharing our story with the investment community."

"Adam is very well regarded in the industry," added Shea. "We look forward to all he'll do in this key role in the Investor Relations department."

Townsend most recently served as Managing Director of Investor Relations and Corporate Strategy for the E*Trade Financial Corporation, which included working with its CEO on identifying global expansion opportunities, providing quarterly presentations to its board of directors on the company's competitive positioning, public/investor perception, stock valuation and analyst research coverage. He also oversaw E*Trade's communications strategies through more than $5 billion in transactions over four years. Before that, Townsend handled the company's financial communications, including news releases, quarterly earnings calls, shareholder presentations and investor marketing materials.

Previously, Townsend worked as an Equity Research Analyst for JP Morgan Securities' Financial Institutions Group, where he was responsible for primary research coverage of publicly traded companies in the online trading and investing technology sector, performed company valuation analysis, authored equity research reports and built financial models to forecast financial performance of companies he covered. Before that he worked as a Management Trainee on the buy side for Franklin Templeton Investments.

Townsend graduated in 1995 with a bachelor's of science degree from the University of California, Los Angeles.

About CBS Corporation

CBS Corporation is a mass media company with constituent parts that reach back to the beginnings of the broadcast industry, as well as newer businesses that operate on the leading edge of the media industry. The Company, through its many and varied operations, combines broad reach with well-positioned local businesses, all of which provide it with an extensive distribution network by which it serves audiences and advertisers in all 50 states and key international markets. It has operations in virtually every field of media and entertainment, including broadcast television (CBS and The CW - a joint venture between CBS Corporation and Warner Bros. Entertainment), cable television (Showtime and CBS College Sports Network), local television (CBS Television Stations), television production and syndication (CBS Paramount Network Television and CBS Television Distribution), radio (CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing (Simon & Schuster), interactive media (CBS Interactive), music (CBS Records), licensing and merchandising (CBS Consumer Products), video/DVD (CBS Home Entertainment), in-store media (CBS Outernet) and motion pictures (CBS Films). For more information, log on to http://www.cbscorporation.com/.

CBS Corporation

CONTACT: Dana McClintock, +1-212-975-1077, [email protected]

Web site: http://www.cbscorporation.com/

Company News On-Call: http://www.prnewswire.com/comp/965075.html