THE CW AND HULU SIGN FIVE-YEAR LICENSING AGREEMENT FOR CURRENT SEASON PROGRAMMING

In-Season Episodes of The CW's Drama and Reality Series To Stream on Hulu and Hulu Plus

(October 28, 2011) - The CW Television Network, a joint venture of CBS Corporation and Warner Bros. Entertainment, announced today a five-year licensing agreement with Hulu for the rights to stream in-season episodes of The CW's programming on the Hulu Plus subscription service and the free, ad-supported Hulu service.

With this agreement, Hulu Plus will be the only online subscription service to carry in-season episodes of The CW's drama and reality series, with the five most recent episodes of each show available to subscribers the next day after broadcast. Users of the free, ad-supported Hulu service will be able to watch five episodes of current season programming eight days after airing on The CW.

Available later this year, programming on Hulu and Hulu Plus will begin with the nine series on The CW's Fall 2011 schedule, including new series "Ringer," "Hart of Dixie" and "The Secret Circle," as well as returning hits "The Vampire Diaries," "Gossip Girl," "Supernatural," "Nikita," "90210" and "America's Next Top Model."

"Our new arrangement with Hulu only affirms the incredible value of The CW's series, as well as amplifying the immense power of the broadcast network model," said Mark Pedowitz, President, The CW. "As we increase the amount of year round original programming on The CW, this deal provides our shows with greater exposure on a new platform, helping build even more awareness that will drive viewers back to the network and its affiliates. We see this as a win for everyone involved, the network, the stations, Hulu and ultimately, the viewers."

"The CW programming is a great example of the kind of in-season content we want to make available on our service - high-quality, engaging, serialized shows that fans passionately love," said Andy Forssell, SVP of Content for Hulu. "Making these shows available on Hulu and Hulu Plus will allow new and existing fans to get their fix of The CW's great shows anytime and anywhere."

The new agreement with Hulu delivers more ways for viewers to catch up with The CW's serialized dramas and reality series, and provides the network with valuable off-air promotion and marketing to grow its brand, as well as increase awareness for its series. The CW's content can also be made available online through authenticated cable providers.

The CW, which last year introduced an innovative digital convergence strategy for broadcast and online ad sales, will continue to present its programming on cwtv.com with a full complement of advertising, prior to streaming on the free Hulu service.

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About The CW:

The CW Network was formed as a joint venture between Warner Bros. Entertainment and CBS Corporation in 2006. The CW is America's fifth broadcast network, targeting young adult viewers, specifically young women 18-34. The CW offers a five-night, 10-hour primetime lineup of original programming that runs Monday through Friday; a one-hour weekday afternoon block; and a five-hour Saturday morning animation block that delivers a total of 20 hours of programming a week over six days. The network's primetime schedule includes "The Vampire Diaries," "America's Next Top Model," "Gossip Girl," "90210," "Supernatural" and "Nikita" as well as freshmen series "Ringer," "Hart of Dixie" and "The Secret Circle."

About Hulu

Hulu is an online TV service whose mission is to help people find and enjoy the world's premium content when, where and how they want. As we pursue this mission, we aspire to create a service that users, advertisers and content owners unabashedly love. Hulu was founded in 2007 and is operated independently by a dedicated team with offices in Los Angeles, New York, Chicago, Seattle, Tokyo and Beijing. NBCUniversal, News Corporation, The Walt Disney Company, Providence Equity Partners, and the Hulu team share in the ownership of the company (www.hulu.com)

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 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 socially responsible media (EcoMedia). For more information, log on to www.cbscorporation.com.

About Warner Bros. Television Group:

Warner Bros. Television Group strategically manages all of Warner Bros.' current and emerging television businesses, including worldwide and local production, traditional and digital distribution and broadcasting. As the industry's leading supplier of television programming, WBTVG has longstanding relationships with the most respected names in television, including Chuck Lorre, John Wells, Jerry Bruckheimer, J.J. Abrams and others. For the 2011-12 season, WBTVG will produce more than 50 primetime, first-run, cable and animated series, including "Two and a Half Men," "The Big Bang Theory," "The Mentalist," "The Closer," "The Ellen DeGeneres Show" and "Thundercats," totaling over 2,000 episodes.