Viacom Completes Sale of Its Famous Players Canadian Theatre Chain to Cineplex Galaxy LP

Viacom Completes Sale of Its Famous Players Canadian Theatre Chain to Cineplex Galaxy LP

NEW YORK, July 22 /PRNewswire-FirstCall/ -- Viacom Inc. (NYSE:VIA)(NYSE:and VIA.B) today announced it has completed the sale of Famous Players, its Canadian-based theatre chain, to Cineplex Galaxy LP for $500 million CAD (approximately $400 million USD). The two companies announced an agreement for the transaction on June 13, 2005.

Celebrating its 85th anniversary, Famous Players is Canada's top grossing theatrical exhibitor. Internationally recognized for its superior technology and innovation in theatre design and guest services, the company operates a total of 80 locations with 785 screens across the country, including theatres in its joint venture with IMAX and its partnership with Alliance Atlantis.

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: Media: Carl D. Folta, +1-212-258-6352, carl.folta@viacom.com, or Julia Phelps, +1-212-846-5288, julia.phelps@viacom.com, or Investors: Martin Shea, +1-212-258-6515, marty.shea@viacom.com, or James Bombassei, +1-212-258-6377, james.bombassei@viacom.com, all of Viacom Inc.

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

------- Profile: Ent