| Initiative
Worldwide chief executive officer Alec Gerster said,"CBS and Showtime are
two extremely exciting entertainment brands that will allow us exceptional opportunities
for creativity and innovation across new and emerging platforms such as podcasting,
wireless, streaming video as well as the more traditional choices."With our
long standing extensive entertainment experience, capabilities in television promotion,
creativity and innovation, we can't wait to get started." CBS Corporation,
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. CBS 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. Initiative, with
a presence in nearly 20 markets in North America, is one of the country's leading
independent media services companies. Globally, the company operates 95 offices
in 58 markets on six continents. Initiative is a member of the Interpublic Group
of Companies. | 
