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Viacom Completes Separation Into CBS Corp. and VIA

Viacom Inc. has completed the transaction to separate into two publicly traded entities: CBS Corp. and "New" Viacom Inc. Shares of the two new companies commenced trading on the New York Stock Exchange on Jan. 3, 2006, under the symbols: "CBS.A" (CBS Corp. Class A Common Stock) and "CBS" (CBS Corp. Class B Common Stock) and "VIA" (Viacom Inc. Class A Common Stock) and "VIA.B" (Viacom Inc. Class B Common Stock).

The move to separate Viacom's businesses was announced in June 2005.

CBS Corp. is comprised of CBS Television Network, UPN, CBS Radio, Viacom Outdoor, Viacom Television Stations Group, Paramount Television, King World, Simon & Schuster, Showtime and Paramount Parks. CBS Corp. will also include the operations of CSTV: Networks Inc., a leading sports television network and digital media company devoted exclusively to college athletics, an acquisition expected to close in early January 2006.

Viacom Inc. is comprised of MTV Networks (MTV, VH1, Nickelodeon, Nick at Nite, Comedy Central, CMT: Country Music Television, Spike TV, TV Land and many other networks around the world), BET, Paramount Pictures, Paramount Home Ent. and Famous Music.

Viacom Inc. (www.viacom.com) has also entered into an agreement to acquire DreamWorks SKG, a leading motion picture and television production studio, and an exclusive, worldwide distribution agreement with DreamWorks Animation. The acquisition of DreamWorks SKG is expected to be completed in the first quarter of 2006, and the worldwide distribution agreement will become effective at the time the acquisition is completed.

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