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                                                                  Exhibit 99.1

[CBS Corporation Logo]
61 WEST 52 STREET   NEW YORK, NEW YORK 10019-6188


                                                                 April 30, 1998



                  CBS CORPORATION REPORTS FIRST QUARTER RESULTS

                     EBITDA UP 195% OVER LAST YEAR'S QUARTER

             TELEVISION STATION REVENUE UP NEARLY 50%; EBITDA UP 94%

               ALL SEGMENTS REPORT REVENUE AND EBITDA IMPROVEMENT


         NEW YORK, April 30, 1998 -- CBS Corporation (NYSE:CBS) reported
increases in revenue and earnings across all business segments for the first
quarter of 1998 compared to the first quarter of 1997. Revenues for the Company
increased 47% while earnings before interest, taxes, depreciation and
amortization (EBITDA) increased threefold to $271 million in the first quarter
of 1998 from $92 million in the first quarter of 1997. The Company reported net
income of $19 million or $.03 per share compared to a net loss of $151 million
or a loss of $.28 per share for the 1997 quarter.

         Commenting on the Company's performance for the quarter, Mel Karmazin,
CBS President and Chief Operating Officer, said: "We're pleased to see
improvements in all segments. The Company's Station Group had record operating
results with each of the divisions - radio, outdoor and television -
contributing to the results. The Radio Group, including the outdoor division,
significantly outperformed the industry growth and, excluding the benefits from
the Olympics, the Television Stations Group also substantially outperformed the
television industry growth."

          Mr. Karmazin added: "We expect to continue to make improvements in
both the television stations as well as the Network. In addition, we look
forward to closing our acquisition of American Radio shortly, which will expand
our Radio Group into additional attractive high growth markets."

         The Station Group reported its fifth consecutive quarter of double
digit revenue and EBITDA growth. The Radio Group, which includes TDI, its
outdoor advertising business, reported revenues and EBITDA, on a proforma basis,
up 12% and 26%, respectively. The Television Stations Group's revenues and
EBITDA were up 49% and 94%, respectively, with strong growth across all Owned
and Operated Television stations, particularly in the top six markets.

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         The Television Network's EBITDA improved to a profit of $52 million
from a loss of $46 million last year on revenue growth of 55%, mainly due to the
Olympic broadcast. The Network results, excluding the impact of sports, improved
over last year's first quarter led by better performance in daytime and news and
lower costs.

         On a proforma basis, the Cable Group reported a 14% increase in revenue
and a slight increase in EBITDA from the year-ago quarter. The newly acquired
cable networks, The Nashville Network (TNN) and Country Music Television (CMT),
had double digit revenue and EBITDA growth for the quarter. Improvement from the
cable networks was partially offset by lower results for the network services
business and startup costs for Eye On People, launched in March 1997.

         Michael H. Jordan, CBS Chairman and Chief Executive Officer, in
commenting on the quarter said: "The first quarter results clearly demonstrate
the effectiveness of our strategy in building the CBS Corporation portfolio. Our
strong local market franchises - radio, TV stations and outdoor - continue to
outpace the industry and are being further supported by an improving CBS
Television Network and major events. We look forward to the return of the NFL to
CBS which we expect will further enhance our TV station performance."

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Note: Certain statements in this press release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Reference is made to the Company's Annual Report on
From 10-K for the 1997 fiscal year filed with the Securities and Exchange
Commission for additional information concerning such risks and uncertainties.

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Contacts:         Jack Bergen         (N.Y.)         212/975-3835
                  Gil Schwartz        (N.Y.)         212/975-2121