CBS CORPORATION AND CBS AFFILIATE BOARD ANNOUNCE NEW WIDE-RANGING AGREEMENT

New Deal Expands CBS' Network-Affiliate Partnership for

Live Television Distribution across New Digital Platforms

Pact Extends the Opportunity for Affiliate Participation in

CBS All Access and Over-The-Top Platforms, including

Hulu, YouTube TV and Future New Entrants

NEW YORK, N.Y. - May 9, 2017 - CBS Corporation announced today a new wide-ranging agreement with the CBS Affiliate Board to expand CBS' network-affiliate partnership into the digital marketplace. The deal addresses affiliates' continued participation in CBS All Access as well as additional opportunities to participate in over-the-top platforms, including Hulu, Google's YouTube TV and future new entrants, with additional revenue possibilities for all.

With this new collaborative agreement, affiliated stations are joining with CBS to distribute premium content to new skinny bundles reaching viewers coast-to-coast across multiple platforms and screens anytime and anywhere. Specific terms of the agreement were not disclosed.

Expanding distribution on these new platforms together with our affiliates has been a part of CBS' long-term digital strategy, and I am very proud we have reached this agreement with our affiliate board, said Ray Hopkins, President, Television Networks Distribution, CBS Corporation. No broadcaster has made preserving the network-affiliate model a core tenet of their strategy like CBS. We look forward to continuing to work in partnership with our affiliates, and as these new forms of distribution continue to grow, including CBS All Access, so will our revenue together.

We are pleased we have reached this agreement in partnership with CBS, said Chris Cornelius, Chairman of the CBS Affiliates Board. Access to these new and emerging digital distribution platforms gives all CBS affiliates the opportunity to provide viewers with more accessibility to their favorite local programs as well as must-see, hit CBS programming such as the NFL, THE BIG BANG THEORY, NCIS, 60 MINUTES and so much more.

CBS All Access is the only direct-to-consumer product of its kind, and CBS is the only network to offer its affiliate partners a revenue-generating opportunity to reach viewers in their markets with local and national content, at home or on the go through its own streaming service. Viewers in 90% of the country can receive their local CBS affiliate through CBS All Access, and that number is expected to grow under the new pact.

In addition to CBS All Access, this new deal establishes a framework for distribution of local signals on Google's YouTube TV, Hulu's new television streaming service, and future new entrant over-the-top platforms, as well as the opportunity for additional revenue from these new services while reaching digitally engaged viewers with premium local and national content. CBS was the first broadcast network to partner with its affiliates on a new over-the-top platform with Sony Vue in 2015, and local signals are now available in 100 markets.

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, 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), CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Consumer Products, CBS Home Entertainment, CBS Interactive, CBS Films, Showtime Networks, CBS Sports Network, Pop (a joint venture between CBS Corporation and Lionsgate), Smithsonian Networks, Simon & Schuster, CBS Television Stations, CBS Radio and CBS EcoMedia. For more information, go to www.cbscorporation.com.

About CBS All Access:

CBS All Access is the CBS Television Network's digital subscription video on-demand and live streaming service. CBS All Access gives CBS fans the ability to watch more than 7,500 episodes on demand - spanning current shows from primetime, daytime and late night, as well as past seasons of select series and classic TV hits. CBS All Access is currently available online at CBS.com, on mobile devices via the CBS App for iOS, Android and Windows 10, and on Roku Players, Apple TV, Chromecast, Android TV, Xbox 360 and Fire TV.

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Press Contact:

Kelli Raftery 212-975-3161 kelli.raftery@cbs.com

LINK:	http://www.cbscorporation.com/2017/05/cbs-corporation-and-cbs-affiliat...
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