CBS and Netflix Announce Two-Year Licensing Agreement for Library Content

NEW YORK and BEVERLY HILLS, Calif., Feb. 22, 2011 -- CBS Corporation (NYSE: CBS.A and CBS) and Netflix, Inc. (Nasdaq: NFLX) today announced a two-year, non-exclusive licensing agreement that will allow select TV shows from CBS's library, including episodes of "Medium" and "Flashpoint" as well as full seasons of classics such as "Frasier," and "Cheers," to be streamed instantly from Netflix. CBS retains an option to extend the agreement for up to two additional years. Terms of the deal were not disclosed.

Beginning in early April, dozens of hit shows from CBS will join the extensive library of television shows and movies available to watch instantly from Netflix for only $7.99 a month.

Content covered under the new deal includes the long-running drama, "Medium" and the summer season favorite, "Flashpoint." Also covered under the agreement are episodes from some of television's most iconic franchises. Full seasons of sitcom greats "Frasier," "Family Ties" and "Cheers" will be streaming instantly from Netflix. Episodes from the original "Hawaii Five-0" are included in the package, as are episodes from all generations of the definitive sci-fi series, "Star Trek," and the cult favorite, "Twin Peaks." Installments of '60s classics, "The Twilight Zone" and "The Andy Griffith Show," will be available as well.

"This deal recognizes the increasing value of our content in today's marketplace," said Scott Koondel, President of Distribution, CBS Television Distribution. "More and more, people want to be able to access our programming on a wide variety of platforms. We are very pleased that the titles offered through this deal will now also be made available to a whole new community through the terrific and convenient service that Netflix offers. We will continue to pursue additional non-exclusive distribution partners that are additive to our overall business."

"We are thrilled to be bringing CBS shows to Netflix and are looking forward to growing our relationship over time," said Ted Sarandos, Chief Content Officer for Netflix. "Netflix is now the only online premium subscription service with shows featured on all four broadcast networks and dozens of cable TV's biggest brands."

About CBS Corporation

CBS Corporation 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, Smithsonian Networks and CBS College Sports Network), local television (CBS Television Stations), television production and syndication (CBS Television Studios, CBS Studios International 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), motion pictures (CBS Films) and sustainable media (EcoMedia). For more information, please visit www.cbscorporation.com.

About Netflix, Inc.

With more than 20 million members in the United States and Canada, Netflix, Inc. (Nasdaq: NFLX) is the world's leading Internet subscription service for enjoying movies and TV shows. For $7.99 a month, Netflix members can instantly watch unlimited movies and TV episodes streaming over the Internet to PCs, Macs and TVs. Among the large and expanding base of devices streaming from Netflix are Microsoft's Xbox 360, Nintendo's Wii and Sony's PS3 consoles; an array of Blu-ray disc players, Internet-connected TVs, home theater systems, digital video recorders and Internet video players; Apple's iPhone, iPad and iPod touch, as well as Apple TV and Google TV. In all, more than 200 devices that stream from Netflix are available in the U.S. and a growing number are available in Canada. For more information, visit www.netflix.com.