THE CW ANNOUNCES 15 NEW LONG-TERM AFFILIATION AGREEMENTS

America's Fifth Broadcast Network Increases National Coverage To More Than 85% Of The Country

Savannah, Tallahassee, Santa Barbara, Yakima, Corpus Christi, Anchorage, Binghamton, Gainesville, Abilene, Utica, Missoula, Billings, Great Falls, Butte and Juneau 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 Savannah, Tallahassee, Santa Barbara, Yakima, Corpus Christi, Anchorage, Binghamton, Gainesville, Abilene, Utica, Missoula, Billings, Great Falls, Butte and Juneau.

The addition of the stations in these 15 markets -- which represent 1.96% of total U.S. TV households -- increases The CW's national coverage to more than 85% of the country, including 19 of the Top 20 markets, 26 of the Top 30 and 34 of the Top 40.

The newly signed affiliates are:

* WGSA Savannah, GA, owned by WGSA-TV (DMA rank 97).

* WTLH Tallahassee-Thomasville, FL, owned by Pegasus Broadcast Television (DMA rank 109).

* KSBY Santa Barbara-Santa Maria-San Luis Obispo, CA, owned by Cordillera Communications, Inc. (DMA rank 122).

* KAZW Yakima-Pasco-Richland-Kennewick, WA, owned by Pappas Telecasting Companies (DMA rank 126).

* KRIS Corpus Christi, TX, owned by Cordillera Communications, Inc. (DMA rank 129).

* KIMO Anchorage, AK, owned by Smith Media LLC (DMA rank 155).

* WBNG Binghamton, NY owned by Television Station Group License Subsidiary, LLC (DMA rank 156).

* WCJB Gainesville, FL, owned by Diversified Communications (DMA rank 162).

* KTXS Abilene-Sweetwater, TX, owned by Bluestone License Holdings (DMA rank 164).

* WKTV Utica, NY, owned by Smith Media LLC (DMA rank 166).

* KPAX Missoula, MT, owned by Cordillera Communications, Inc. (DMA rank 168).

* KTVQ Billings, MT, owned by Cordillera Communications, Inc. (DMA rank 171).

* KRTV Great Falls, MT, owned by Cordillera Communications, Inc. (DMA rank 189).

* KXLF Butte-Bozeman, MT, owned by Cordillera Communications, Inc. (DMA rank 193).

* KJUD Juneau, AK, owned by Smith Media LLC (DMA rank 207).

WBNG, KPAX, KTVQ, KRTV and KXLF are all DT stations of the CBS affiliates in their respective markets. KIMO, WCJB, KTXS and KJUD are DT stations of the ABC affiliates in their respective markets. KSBY, KRIS and WKTV are DT stations of the NBC affiliates in their respective markets. WTLH is the DT station of the Tallahassee Fox affiliate. KAZW is the DT station of the Yakima Azteca affiliate. WGSA is currently a UPN affiliate and will have both an analog and DT broadcast. WTLH-DT, KSBY-DT, KIMO-DT, WBNG-DT, WKTV-DT and KJUD-DT are currently affiliates of The WB.

"These station operators all share a strong commitment to serving their constituents with the best local programming complemented by quality network-provided shows that have proven appeal to audiences and advertisers," said John Maatta, Chief Operating Officer, The CW. "This unbeatable pairing of sterling assets is at the heart of our network's strength and success. We warmly welcome all of these new partners to The CW."

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 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 and CSTV Networks), 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). In Fall 2006, UPN will cease operations and The CW, a new fifth broadcast television network, will launch as a joint venture between Warner Bros. Entertainment and CBS Corporation. 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.