- Statement of Changes in Beneficial Ownership (4)

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Expires: February 28, 2011 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* Franks Martin D	2. Issuer Name and Ticker or Trading Symbol CBS CORP [ CBS, CBS.A ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __ X __ Officer (give title below) _____ Other (specify below) EVP, Planning, Policy&Gov Affs
(Last) (First) (Middle) 51 WEST 52ND STREET	3. Date of Earliest Transaction (MM/DD/YYYY) 11/11/2010
(Street) NEW YORK, NY 10019 (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _ X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
CBS Class B common stock	11/11/2010		M		121387.0000	A	$5.2000	191121.0000 ⁽¹⁾	D
CBS Class B common stock	11/11/2010		S		100.0000	D	$17.0650	191021.0000	D
CBS Class B common stock	11/11/2010		S		100.0000	D	$17.0600	190921.0000	D
CBS Class B common stock	11/11/2010		S		300.0000	D	$17.1600	190621.0000	D
CBS Class B common stock	11/11/2010		S		1200.0000	D	$17.0775	189421.0000	D
CBS Class B common stock	11/11/2010		S		1200.0000	D	$17.0700	188221.0000	D
CBS Class B common stock	11/11/2010		S		1400.0000	D	$17.1100	186821.0000	D
CBS Class B common stock	11/11/2010		S		1500.0000	D	$17.0575	185321.0000	D
CBS Class B common stock	11/11/2010		S		2697.0000	D	$17.0750	182624.0000	D
CBS Class B common stock	11/11/2010		S		3000.0000	D	$17.1000	179624.0000	D
CBS Class B common stock	11/11/2010		S		3100.0000	D	$16.9975	176524.0000	D
CBS Class B common stock	11/11/2010		S		3405.0000	D	$17.0000	173119.0000	D
CBS Class B common stock	11/11/2010		S		3700.0000	D	$17.0050	169419.0000	D
CBS Class B common stock	11/11/2010		S		4800.0000	D	$17.0550	164619.0000	D
CBS Class B common stock	11/11/2010		S		6000.0000	D	$17.1300	158619.0000	D
CBS Class B common stock	11/11/2010		S		8800.0000	D	$17.0800	149819.0000	D
CBS Class B common stock	11/11/2010		S		10000.0000	D	$17.1500	139819.0000	D
CBS Class B common stock	11/11/2010		S		12000.0000	D	$17.0900	127819.0000	D
CBS Class B common stock	11/11/2010		S		16085.0000	D	$17.0500	111734.0000	D
CBS Class B common stock	11/11/2010		S		42000.0000	D	$16.9950	69734.0000	D
CBS Class B common stock								9452.0000	I	By 401(k)
CBS Class B common stock								852.0000	I	By Spouse ⁽²⁾
CBS Class B common stock								1547.0000	I	By Spouse - 401(k) Plan ⁽²⁾

*Table II - Derivative Securities Beneficially Owned ( e.g.* , puts, calls, warrants, options, convertible securities)**
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (right to buy) ⁽³⁾	$5.2000	11/11/2010		M			121387.0000	2/24/2010 ⁽⁴⁾	2/24/2017	CBS Class B common stock	121387.0000	$0.0000	364162.0000	D

Explanation of Responses:
( 1)	Includes shares acquired periodically pursuant to a dividend reinvestment program meeting the requirements of Rule 16a-11.
( 2)	The Reporting Person disclaims beneficial ownership of these securities and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 or any other purposes.
( 3)	Right to buy under Issuer's long term incentive plan.
( 4)	These options vest in four equal annual installments beginning on February 24, 2010.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Franks Martin D 51 WEST 52ND STREET NEW YORK, NY 10019			EVP, Planning, Policy&Gov Affs

Signatures
/s/ Martin D. Franks		11/15/2010
^** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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