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                                                                    Exhibit 99.1


                  CBS CORPORATION REPORTS RECORD THIRD QUARTER
                               OPERATING RESULTS

                                REVENUES UP 23%
                                 EBITDA UP 57%
                          AFTER-TAX CASH FLOW UP 115%


     NEW YORK, Oct. 29, 1998 -- CBS Corporation (NYSE:CBS) reported record 
revenues and earnings before interest, taxes, depreciation and amortization 
(EBITDA) for the third quarter of 1998.

     The Company's revenues for the third quarter of 1998 were $1,581,000,000, 
an increase of 23% over the third quarter of 1997. All of the Company's 
businesses contributed to record revenues for the quarter.

     Revenues for the Company's Television segment -- which includes the 
CBS Television Stations, the CBS Television Network and CBS Cable -- were 
$1,049,000,000 in the third quarter of 1998, an increase of 15% over the 
corresponding 1997 quarter. This strong growth was led by the Company's Cable 
programming operations -- The Nashville Network (TNN) and Country Music 
Television (CMT).

     The Radio and Outdoor segment had revenues of $534,000,000 for the third 
quarter of 1998, an increase of 42% over the corresponding 1997 quarter. The 
increase was due to strong growth at the Company's existing stations and TDI, 
the Company's outdoor business, as well as the inclusion of the results of 
operations of American Radio's stations which were acquired in June 1998. On
a pro forma, same station basis, assuming the American Radio acquisition had 
occurred at the beginning of the periods presented, revenues for the Radio and 
Outdoor segment increased by 12%.

     As previously announced, the Company recorded a pre-tax charge of 
$68,000,000, primarily to streamline operations and reduce cost structures
of its Television segment.

     The Company's EBITDA from Continuing Operations, before the charge, was 
$336,000,000 for the third quarter of 1998, an increase of $122,000,000, or 
57% as compared to the third quarter of 1997.



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     CBS Corporation...2


     The increase in EBITDA, excluding the charge, was principally due to 
record results at the Company's Radio and Outdoor segment, as well as increases 
in the Television segment. For the third quarter of 1998, EBITDA for the Radio 
and Outdoor segment was $230,000,000, an increase of $80,000,000 or 53% over 
the 1997 quarter. On a pro forma basis, assuming the acquisition of American 
Radio has occurred at the beginning of the periods presented, EBITDA for the 
Radio and Outdoor segment for the third quarter of 1998 increased 24% over the 
third quarter of 1997.

     The EBITDA, excluding the charge, for the Television segment for the third
quarter of 1998 increased by 22% over the 1997 third quarter with both the 
Television stations and Cable operations contributing to the growth.

     Mel Karmazin, President and Chief Operating Officer, CBS Corporation, 
commented: "All of the Company's operating units have contributed to the third 
quarter record operating results. We are particularly pleased with the core 
growth at our Radio and Outdoor businesses, the Company's largest contributor 
to its EBITDA, as well as at our Cable programming operations and Television 
stations."  Mr. Karmazin added: "The Company expects to benefit from the 
ratings improvement at the CBS Television Network which, combined with the 
reduction in its cost structure, will enable the Network to become a positive 
contributor to the Company's future cash flows."

     For the third quarter of 1998, after-tax cash flow (EBITDA, less interest 
and cash taxes paid) before the special charge was $209,000,000, an increase of 
115% from the third quarter of 1997. This increase was due to substantial 
improvements in the Company's operating results.

     During the third quarter, income from Continuing Operations, excluding the 
aforementioned charge, was $3,000,000, or zero cents per share, compared to a 
loss of $19,000,000, or $0.03 per share for the 1997 quarter. Including the 
charge, the Company's net loss for the quarter was $43,000,000, or $0.06 per 
share, compared to a loss of $162,000,000, or $0.26 per share, in the prior 
year's quarter.

     For the first nine months of 1998, the Company reported a loss, including 
the charge, of $15,000,000 from Continuing Operations, compared to a loss of 
$121,000,000 in the first nine months of 1997. Over the same period, EBITDA, 
excluding the charge, grew from $531,000,000 in 1997 to $882,000,000 in 1998, 
an increase of 66%. Including the charge, EBITDA year-to-date grew 53%.



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     CBS Corporation...3


     During 1998, the Company has purchased more than 25,000,000 common shares 
at a cost of approximately $780,000,000, pursuant to a $3 billion stock buyback 
authorization. Fredric G. Reynolds, Chief Financial Officer, CBS Corporation, 
commented: "Our stock repurchase program balances our need to continue to grow 
our businesses, and to reward our shareholders."


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          Contact:  Gil Schwartz          (N.Y.)          212-975-2121


     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 Form 10-K for the 1997 year filed with the Securities and Exchange 
Commission for additional information concerning such risks and uncertainties.