CBS CORPORATION REPORTS THIRD QUARTER 2009 RESULTS
New York, New York, November 5, 2009 – CBS Corporation (NYSE: CBS.A and CBS) today reported
results for the third quarter ended September 30, 2009.
“Through this extraordinary time, Leslie and his team have managed CBS not simply to survive but to
truly thrive,” said Sumner Redstone, Executive Chairman, CBS Corporation. “The strong performance of
the CBS content businesses continues to build audiences, as well as our value proposition for advertisers.
At the same time we’ve further solidified our financial position. I feel very good about what the future
holds for CBS, especially given the improving economic outlook.”
“The operating environment for our businesses continues to improve and we are finishing the year with
strong momentum,” said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. “So
far this year, each quarter has been better than the one before, with the third quarter showing significant
improvement over the second, just as we expected. Going forward, we have many reasons for optimism
as we look to 2010: In the new fall season, we are not only again the #1 television network, we have also
grown our audience year-over-year. Our premium cable business continues to enhance its profile and
once again added subscribers during the quarter. We’ve sold five series into domestic syndication this
year, and global demand for our programming continues to grow. And on the local front, pacing
continues rising steadily for TV, radio and outdoor, and we expect that with our new streamlined cost
structure, margins will improve significantly going forward as well.”
Moonves continued: “Over the long term, we continue to believe that great content is the best driver of
growth in this industry, which is why we’ve been so focused on building our content businesses across
the Company. To highlight this strategy, we are realigning our business segments beginning in the fourth
quarter. Our aim is to offer greater transparency so others can continue to view CBS the way we do – as a
collection of leading content businesses in all the right areas of distribution – and be better able to gauge
our progress against our long-term goals going forward.”



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