Michael J. Dolan Named Executive Vice President and Chief Financial Officer of Viacom

Michael J. Dolan Named Executive Vice President and Chief Financial Officer of Viacom

NEW YORK, April 27 /PRNewswire-FirstCall/ -- Michael J. Dolan has been appointed Executive Vice President and Chief Financial Officer of Viacom Inc. (NYSE:VIA)(NYSE:and)(NYSE:VIA.B), it was announced today by Sumner M. Redstone, Chairman and Chief Executive Officer of Viacom. Mr. Dolan, who will report to Mr. Redstone, will assume his duties as CFO on May 11.

"Mike Dolan is a seasoned executive with extensive experience at creatively driven and brand-oriented companies," Mr. Redstone said. "He has demonstrated outstanding leadership and skill at every stage of his career and has a proven record of success. As we continue to assess the possible separation of Viacom into two publicly-traded entities, we will benefit from Mike's experience in successfully completing complex financial transactions, such as his flawless execution of the initial public offering of Young & Rubicam. We are extremely fortunate to have him join the Viacom team at this pivotal time in the Company's history, and we're confident that he will make significant contributions to our continuing success."

Mr. Dolan said, "This is an extraordinary opportunity to join a company that continues to be on the leading edge of its industry. I have always admired Viacom's innovative content, unrivaled brands and creative excellence, and I look forward to working with Sumner, Tom Freston and Leslie Moonves and with the Company's exceptional management team to maximize the long-term potential of Viacom's businesses."

Mr. Dolan succeeds Richard J. Bressler, who served as CFO from March 2001. Mr. Bressler notified the Company in January that he would not be renewing his contract. He will work with Mr. Dolan to ensure a smooth transition of the financial functions.

Mr. Redstone said, "We want to thank Rich for his years of service to Viacom. He made important contributions to the significant financial and operational strides we accomplished during his tenure. We wish him well as he moves on to new opportunities."

Mr. Dolan was formerly Chairman and Chief Executive Officer of Young & Rubicam Inc., a diversified advertising agency and marketing services company with 11,000 employees in approximately 100 countries and approximately $2 billion in net revenues. He served as CEO from 2000 to 2003, prior to which he was President and Chief Operating Officer (2000), as well as Vice Chairman and Chief Financial Officer (1996-2000). Y&R achieved dramatic improvement in its financial performance every year during Mr. Dolan's tenure and successfully completed a number of significant transactions, including the IPO in 1998 and the company's eventual sale to the WPP Group in 2000.

Mr. Dolan joined Y&R from PepsiCo, where he held a number of senior financial and operational positions beginning in 1990, including Vice President of Strategic Planning and New Business Development; and Senior Vice President of Operations, PepsiCo Foods International. In 1992, he successfully negotiated a joint venture between PepsiCo and General Mills to create Snack Ventures Europe, the largest snack food company in Europe. Mr. Dolan served as President and Chief Executive Officer of the venture beginning in 1992 and guided it though its formative years.

Mr. Dolan began his career at Morgan Guaranty Trust (now J.P. Morgan) and later joined Booz Allen Hamilton where he rose to partner and worked on strategy projects for the bank, media, industrial and consumer goods manufacturing sectors.

Mr. Dolan graduated from Fordham University in 1968 with a bachelor's degree in English, and received his Ph.D. in English from Cornell University in 1975. He received his Master of Business Administration from Columbia University in 1977.

Viacom is a leading global media company, with preeminent positions in broadcast and cable television, radio, outdoor advertising, and online. With programming that appeals to audiences in every demographic category across virtually all media, the company is a leader in the creation, promotion, and distribution of entertainment, news, sports, music, and comedy. Viacom's well- known brands include CBS, MTV, Nickelodeon, Nick at Nite, VH1, BET, Paramount Pictures, Infinity Broadcasting, Viacom Outdoor, UPN, TV Land, Comedy Central, CMT: Country Music Television, King World, Spike TV, Showtime, Paramount Parks, and Simon & Schuster. More information about Viacom and its businesses is available at http://www.viacom.com/ .

Source: Viacom Inc.

CONTACT: Carl Folta, +1-212-258-6352, carl.folta@viacom.com, or Kristi Gorman, +1-212-846-6261, kristi.gorman@viacom.com, both for Viacom Inc.

Web site: http://www.viacom.com/

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