CBS and Verizon Reach Comprehensive Retransmission Consent Agreement

Verizon FiOS TV Will Carry CBS-Owned Television Stations and Local Video-On-Demand Content Deal Also Includes CBS Television Network VOD Content

March 20, 2006, NEW YORK – Verizon and CBS today announced a comprehensive retransmission consent and video-on-demand (VOD) agreement, which includes analog, digital, multicast and high-definition rights to programming on CBS owned-and-operated television stations; local VOD content from those stations; and CBS Television Network VOD content, including such current popular network series as "CSI" "NCIS" and "Survivor"

Verizon will offer the programming on Verizon FiOS TV, its new fiber-optic TV service, which is now available in parts of seven states. All FiOS TV subscribers with a set-top box will receive the CBS Television Network VOD content at no incremental cost, which will also be true for FiOS TV subscribers in CBS O&O markets with regard to the local VOD content.

"We are extremely pleased to have reached this agreement with Verizon, a company clearly on the leading edge of new media" said Leslie Moonves, president and CEO, CBS Corporation. "With each subscriber that Verizon’s FiOS TV adds, CBS will directly benefit, and therefore, we look forward to our partnership as Verizon showcases our programming both in our O&O markets and across the country"

Verizon Chairman and CEO Ivan Seidenberg said, "This deal expands the market for both Verizon and CBS. For us, it means we can offer our customers the tremendously valuable content provided by the CBS Television Network and local broadcast stations. For CBS, it means they can use the bandwidth and flexibility of our fiber network to reach their customers in innovative ways"

The retransmission consent agreement with CBS is Verizon’s largest such agreement. CBS locally owned-and-operated stations are in all Verizon TV markets except Washington, D.C. Prior to the signing of the comprehensive agreement, Verizon provided programming from the CBS owned-and-operated stations under a special agreement with CBS.

Other terms of the agreement were not disclosed.

About CBS

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.

About Verizon

Verizon Communications Inc. (NYSE: VZ), a Dow 30 company, is a leader in delivering broadband and other communication innovations to wireline and wireless customers. Verizon operates America’s most reliable wireless network, serving 51.3 million customers nationwide; one of the most expansive wholly-owned global IP networks; and one of the nation’s premier wireline networks, serving home, business and wholesale customers. Based in New York, Verizon has a diverse workforce of approximately 250,000 and generates annual consolidated operating revenues of approximately $90 billion. For more information, visit www.verizon.com.

Contact Information

Sharon Cohen-Hagar

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Verizon Communications Inc.

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