CBS Obtains Favorable REIT Ruling From The IRS

NEW YORK, April 16, 2014 /PRNewswire/ -- CBS Corporation (NYSE: CBS.A and CBS) today announced that the Internal Revenue Service ("IRS") issued a favorable private letter ruling with respect to the Company's plan for its outdoor advertising subsidiary, CBS Outdoor Americas Inc. (NYSE: CBSO), to convert to a real estate investment trust ("REIT").

Earlier this month, CBS Outdoor completed an initial public offering of 19% of its shares. CBS plans to divest its 81% stake in CBS Outdoor through a tax-free split-off later this year. CBS Outdoor then plans to elect and qualify to be taxed as a REIT.

"CBS Outdoor's conversion into a REIT will unlock its true value, and the completion of our Outdoor initiatives will enhance our ability to return capital to our shareholders," said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. "We're very pleased with the way CBS Outdoor has launched as a public company, and with this favorable IRS ruling, we look forward to great success in the future."

Certain statements in this release, including those relating to CBS's planned divestiture of its ownership interest in CBS Outdoor through a tax-free split-off and CBS Outdoor's planned conversion to a REIT, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Important factors that could cause actual results to differ materially from our expectations include, without limitation, capital market risks and the impact of general economic or industry conditions. There can be no assurance that CBS's planned divestiture of its ownership interest in CBS Outdoor or CBS Outdoor's planned conversion to a REIT will be completed as anticipated, or at all. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this news release. We intend these forward-looking statements to speak only as of the time of this release and do not undertake any obligation to update any forward-looking statements contained in this release as a result of new information or future events or developments.

About CBS Corporation

CBS Corporation (NYSE: CBS.A and CBS) is a mass media company that creates and distributes industry-leading content across a variety of platforms to audiences around the world. The Company has businesses with origins that date back to the dawn of the broadcasting age as well as new ventures that operate on the leading edge of media. CBS owns the most-watched television network in the U.S. and one of the world's largest libraries of entertainment content, making its brand – "the Eye" – one of the most recognized in business. The Company's operations span virtually every field of media and entertainment, including cable, publishing, radio, local TV, film, outdoor advertising, and interactive and socially responsible media. CBS's businesses include CBS Television Network, The CW (a joint venture between CBS Corporation and Warner Bros. Entertainment), Showtime Networks, CBS Sports Network, TVGN (a joint venture between CBS Corporation and Lionsgate), Smithsonian Networks, Simon & Schuster, CBS Television Stations, CBS Radio, CBS Outdoor, CBS Television Studios, CBS Global Distribution Group (CBS Studios International and CBS Television Distribution), CBS Interactive, CBS Consumer Products, CBS Home Entertainment, CBS Films and CBS EcoMedia. For more information, go to www.cbscorporation.com.

About CBS Outdoor

CBS Outdoor is one of the largest out-of-home media companies in the Americas and has a major presence throughout the United States, Canada, Mexico and South America. With both traditional outdoor (billboard and transit) advertising properties and a network of digital displays and mobile offerings, CBS Outdoor gives advertisers both breadth and depth of coverage across vast geographies, as well as immersive ways to connect with advertisers. For more information, visit www.cbsoutdoor.com.

SOURCE CBS Corporation



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