New York, April 13, 2016 -- Moody's Investors Service said that Time Warner Inc.'s ("Time Warner" -- Baa2 senior unsecured, Stable outlook) and CBS Corporation's ("CBS" -- Baa2 senior unsecured, Stable) multimedia rights extension deal with the National Collegiate Athletic Association ("NCAA") will not impact either company's credit ratings or rating outlooks. Yesterday, the NCAA announced that it had reached an agreement with Turner Broadcasting System, Inc. ("Turner") and CBS to extend rights to telecast the Division I Men's Basketball Championship for an additional eight years through 2032. Like the current deal, the national championship game and Final Four will alternate between CBS and Turner under the extension.

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