Announcement from National Amusements

NORWOOD, Mass.--(BUSINESS WIRE)--National Amusements, Inc. (“NAI”) announced today that with the one-time underwritten sale of a portion of CBS Corporation stock and Viacom Inc. stock owned by NAI, and with the anticipated sales of certain noncore assets, NAI will be in a position to pay off all of its existing creditors in full. The share sales and the asset divestitures will enable NAI not only to retain control of both CBS and Viacom but also to retain full ownership of all of its theater assets in the UK and Brazil and its core theater assets in the United States.

Viacom and CBS have filed documents with the Securities and Exchange Commission that will permit NAI to sell, in concurrent underwritten offerings, a portion of CBS and Viacom stock owned by NAI. NAI expects to receive gross proceeds of approximately $600 million in the offering of Viacom stock and approximately $345 million in the offering of CBS stock, assuming full exercise of the underwriters’ overallotment option. The proceeds from this sale, combined with proceeds from the asset divestitures, will be provided to existing creditors in accordance with the credit documents. NAI has no intention to further reduce its ownership levels in CBS and Viacom and will retain in excess of 75% of the voting control of each company after giving effect to the offerings.

“As a result of our actions, National Amusements will be out of debt with its existing creditors and will still control its most important assets,'' said Sumner Redstone, Chairman and CEO of National Amusements. “We believe in the significant long-term value of Viacom and CBS Corporation, both of which are well-positioned for growth in this improving economic environment. Similarly, with leadership positions in key domestic and international markets, National Amusements theaters have outstanding near and long-term prospects.”

About National Amusements, Inc.

A world leader in the motion picture exhibition industry, the assets of National Amusements, Inc. include more than 1,500 motion picture screens in the U.S., U.K., Latin America and Russia; a portfolio of real estate assets; a partnership in the online ticketing service, MovieTickets.com; and controlling interests in the common stock of Viacom Inc. and CBS Corporation. Through its exhibition operations, National Amusements delivers a superior entertainment experience in theatres around the world under its Showcase, Multiplex, Cinema de Lux, and KinoStar brands. Based in Norwood, Massachusetts, National Amusements is a closely held company controlled by Sumner M. Redstone.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. A registration statement relating to the shares of CBS Class B Common Stock has been filed by CBS Corporation with the Securities and Exchange Commission and is effective. A registration statement relating to the shares of Viacom Class B Common Stock has been filed by Viacom Inc. with the Securities and Exchange Commission and is effective. Copies of the prospectuses for these offerings may be obtained from Citi at Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220 (1-800-831-9146). These documents can also be obtained for free from the SEC website at www.sec.gov.