CBS Corporation -- Moody's says CBS's announcement to dispose its radio business is credit negative but will not impact credit ratings

New York, March 16, 2016 -- Moody's Investors Service said that CBS Corporation's ("CBS") plan to explore strategic options to separate its radio broadcasting business is credit negative but will not impact its Baa2 senior unsecured long-term debt rating, Prime-2 commercial paper rating or the stable outlook due to the company's intermediate-term revenue growth opportunities and continued commitment to its 2.75x reported leverage target. Yesterday, CBS's Chairman and CEO, Mr. Leslie Moonves, announced at the company's investor day that management will begin to explore strategic opportunities for the radio business as part of its efforts to reduce footprint in the radio broadcasting industry.

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