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announced it has signed a definitive agreement with Clear Channel
Communications, Inc. to swap five mid-size market radio stations for two large market
stations, moving forward in its strategy of divesting mid-size market stations
to focus on large markets.

The swap
satisfies U.S. Department of Justice conditions placed on its approval of Clear
Channel Communications’ merger with Thomas H. Lee Partners, L.P. and Bain
Capital Partners, LLC earlier this year.

In the trade, Clear
Channel will obtain CBS RADIO’s KBKS-FM (Seattle),
WQSR-FM (Baltimore), KXJM-FM and KLTH-FM (Portland, Ore.), and
KQJK-FM (Sacramento, Calif.). 
In return, CBS RADIO will acquire two stations in Houston, the country’s 6th-largest radio
market, KLOL-FM (Mega 101.1) and KHMX-FM (Mix 96.5).

"This deal
represents a financially advantageous opportunity for us to shed some of our
mid-size market stations while expanding in a Top Ten market, which is our
focus," said Leslie Moonves, President and Chief Executive Officer, CBS

Both of
the newly acquired Houston
stations, KLOL-FM and KHMX-FM, are format leaders in the market," said Dan
Mason, President and CEO, CBS RADIO.  "We
are thrilled to be adding them to our portfolio and believe they will nicely
complement our four existing stations."

Since the fall
of 2007, KLOL-FM has featured a music intensive contemporary Latino pop format
resulting in significant growth in 2008. 
The station ranks among the Top 10 properties in the market with Adults
18-34 and 25-54.  Mix 96.5, regarded by
many as the nation’s first Hot Adult Contemporary station, has a loyal female
audience and earned Top 5 rankings with Women 18-49 and Women 25-54 in the most
recent Arbitron survey.

The agreement is
subject to regulatory approval.

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 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

CBS RADIO, one of the largest
major-market operators in the United
States with stations covering news, sports,
talk, rock, oldies, country, adult contemporary and urban formats, among
others, offers audiences an enhanced and customized listening experience
through the combination of on-air, online and new media platforms.  CBS RADIO operates 140 radio stations
throughout the nation’s top 50 markets and broadcasts play-by-play coverage of
26 of the country’s leading professional sports franchises.  CBS RADIO also has embraced interactive
programming through the use of streaming, HD Radio, podcasts and mobile
messaging.  The division maintains exclusive
agreements with AOL and Yahoo through which CBS RADIO powers AOL Radio and
LAUNCHcast, respectively, and distributes its stations to their network of
listeners.  Home to the
nation’s most listened to news (1010 WINS), sports (WFAN-AM), rock (KROQ-FM)
and country (WUSN-FM) stations, CBS RADIO is a division of CBS Corporation. For
more information on CBS RADIO, please visit