CBS Corporation announced that in connection with its previously announced intention to separate its outdoor advertising business (CBS Outdoor), two subsidiaries of CBS Outdoor plan to offer, subject to market and other conditions, $800 million of senior unsecured notes. CBS expects that the net proceeds from the notes as well as an $800 million term loan expected to be entered into by the subsidiaries will primarily be paid by CBS Outdoor to CBS in partial consideration for the contribution of the business entities comprising the Outdoor operating segment. The remaining net proceeds not used for such payments will be used by CBS Outdoor for corporate purposes and ongoing cash needs.

The notes will be offered and sold in a private placement to qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act. The notes to be offered have not been registered under the Securities Act, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.