THE CW ANNOUNCES FOUR NEW LONG-TERM AFFILIATION AGREEMENTS

America's Fifth Broadcast Network Increases National Coverage To Almost 57% Of The Country

Charleston-Huntington, WV; Portland-Auburn, ME; Shreveport, LA: And Baton Rouge, LA Are The Latest Markets To Be Served By The CW

The CW announced today that it has signed exclusive, long-term affiliation agreements with stations in Charleston-Huntington, WV.; Portland-Auburn, ME; Shreveport, LA; and Baton Rouge, LA. The combination of these four newly-signed affiliates with the previously announced affiliations in 38 other markets brings America's fifth broadcast network�s national coverage to almost 57% of the country, including 19 of the Top 20 markets and 26 of the Top 30.

The newly signed affiliates are:

* WHCP-TV Charleston-Huntington, WV, owned by Commonwealth Broadcasting Group.

* WPXT-TV Portland-Auburn, ME, owned by Pegasus Communications Corporation.

* KPXJ-TV Shreveport, LA, owned by Minden Television Company, LLC.

* WBRL-TV Baton Rouge, LA, owned by Communications Corp of America.

These stations are in the 64th, 74th, 81st and 96th largest markets in the country, respectively, and represent 1.43% of total U.S. TV households. WHCP-TV is currently a primary affiliate of The WB and a secondary UPN affiliate. KPXJ-TV is currently a UPN affiliate. WPXT-TV and WBRL-TV are currently WB affiliates.

�We�re very pleased to partner with these newest members of The CW affiliate family,� said John Maatta, Chief Operating Officer, The CW. �When you combine the best programming of two networks � The WB and UPN � with the local programming of stations finely attuned to the needs of their viewers and advertisers, you have a winning formula for success. We�re looking forward to sharing with these stations the many benefits that a full service network like The CW can offer.�

On January 24, CBS Corporation and Warner Bros. Entertainment announced their intent to form a new 5th network, The CW, to be launched in the fall of 2006. The new broadcasting network will be a joint venture between Warner Bros. Entertainment and CBS Corporation, with each company owning 50%.

In an important strategic move that secures major market distribution for The CW, it was also announced on January 24th that Tribune Broadcasting and the CBS Corporation's UPN affiliates have agreed separately to sign 10-year affiliation agreements with the new network. The combination of Tribune's 16 major market stations (New York, Los Angeles, Chicago, Boston, Dallas, Washington, D.C., Houston, Miami, Denver, St. Louis, Portland, Indianapolis, San Diego, Hartford, New Orleans and Albany) and the 11 CBS-owned UPN major market affiliates (Philadelphia, San Francisco, Atlanta, Detroit, Tampa, Seattle, Sacramento, Pittsburgh, West Palm Beach, Norfolk and Providence) cover the top 13 television markets, 20 of the top 25 television markets and have a total coverage area of more than 47% of the country.

The remainder of the network's distribution system will be a combination of selected current UPN and The WB stations.

The CW will incorporate The WB's current scheduling model, which consists of a 6 night-13 hour primetime lineup including Monday through Friday nights from 8-10 (EST/PST); Sundays from 7-10 (EST/PST); Sunday from 5-7 (EST/PST) outside of primetime as well as a Monday thru Friday afternoon block from 3-5 (EST/PST) and a 5-hour Saturday morning animation block. Together, the network will program 30 hours a week over seven days for its affiliated stations.

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 UPN), cable television (Showtime), local television (CBS Television Stations), television production and syndication (CBS Paramount Television and King World), radio (CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing (Simon & Schuster), theme parks (Paramount Parks), digital media (CBS Digital Media Group and CSTV Networks) and consumer products (CBS Consumer Products). For more information, log on to www.cbscorporation.com.

Warner Bros. Entertainment, a fully-integrated, broad-based entertainment company, is a global leader in the creation, production, distribution, licensing and marketing of all forms of entertainment and their related businesses. Warner Bros. Entertainment, a Time Warner Company, stands at the forefront of every aspect of the entertainment industry, from feature films to television, home video/DVD, animation, comic books, interactive entertainment and games, product and brand licensing, international cinemas and broadcasting.