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CBS Corporation
(NYSE: CBS.A and CBS) announced today that it has signed a definitive agreement
to sell four of its owned radio stations in Portland, Oregon, KINK-FM (Adult
Album Alternative), KUPL-FM (Country), KUFO-FM (Active/Alternative Rock) and KCMD-AM
(Talk), to Alpha Broadcasting for $40 million in cash. 
 

“I am pleased
that we were able to secure another attractive deal for our valuable radio
assets,” said Dan Mason, President and Chief Executive Officer, CBS RADIO.  “With this sale of our Portland stations – our third deal in the
past eight months for a total of twelve station sales – we’re another step
closer to our goal of focusing primarily on the nation’s largest markets where
we see the most long-term promise.  The marketplace
for station sales is improving, so we expect to make further progress on that
goal going forward.”
 

Larry Wilson, the Chairman and Chief
Executive Officer of Alpha Broadcasting, said, “The purchase of these great
stations is a perfect complement to the acquisition of news talk KXL-AM and
KXTG-FM in Portland.  With this dynamic
cluster, Alpha will be able to serve a wide array of Portland residents.  The mission of Alpha Broadcasting is to
provide entertaining, informative, and compelling programming for the people of
Portland, and to produce fantastic results for
the Portland
advertisers we serve while being upstanding citizens of the community.”
 

The transaction
is subject to customary conditions, including regulatory and other approvals.
 

About CBS Corporation

CBS Corporation (NYSE: CBS.A and CBS) 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 Networks and CBS College Sports
Network), local television (CBS Television Stations), television production and
syndication (CBS Television Studios 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 www.cbscorporation.com.
 

About Alpha Broadcasting

Alpha Broadcasting LLC, headquartered in Portland,
Oregon, is a new entity formed by veteran
radio executive Larry Wilson and Endeavour Capital, also in Portland. 
Wilson
founded Citadel Communications Corporation, which was sold to Forstmann Little
& Company in 2001 for $2 billion.  
At the time of the sale, Citadel owned and operated 205 radio stations
in 42 cities.
 
Kalil & Co. represented Alpha Broadcasting as broker in
this transaction.