Viacom Outdoor Announces Strategic Acquisition in China

Viacom Outdoor Announces Strategic Acquisition in China

Purchase of Magic Media Represents Division's Entree Into One of World's Fastest Growing Markets

NEW YORK and BEIJING, Sept. 29 /PRNewswire-FirstCall/ -- Viacom Outdoor announced today that it has entered into an agreement to acquire 70 percent control of Magic Media -- the Beijing-based company that has the primary rights for advertising on the city's bus system. The deal, which is expected to be completed in October, comes with an option to acquire the remaining 30 percent in five years, and represents the Division's first purchase in the People's Republic of China. Viacom Outdoor will become a unit of the new CBS Corporation upon the split of Viacom Inc. into two independent Companies.

"We are committed to making accretive acquisitions in this high-margin business," said Leslie Moonves, who will be the Chief Executive Officer of the new CBS Corporation. "Our Outdoor division already possesses a hefty international portfolio. This purchase of Magic Media is now a significant foothold for us in a nation where the growth opportunities are virtually limitless."

"There is no better way to enter the Asian Pacific market than in the capital of China and the home of the 2008 Olympics," said Tom Goddard, Viacom Outdoor International CEO. "The outdoor market in China is gaining momentum daily and presents tremendous opportunity. We are very excited about the quality and location of this asset as well as the dynamism and professionalism of the local management team. Beijing, with its population of 15 million, is a great place to gain this key footprint, with an eye towards future opportunities."

Magic Media operates media sales on high-profile, central bus routes in the Chinese capital. Asia Pacific, and especially China, has been the world's fastest growing region in terms of outdoor advertising revenue. The China operation will report into Viacom Outdoor's International headquarters in London.

Viacom Outdoor International's other media assets include buses in the UK, Ireland, Finland and Holland, rail media in the UK, Ireland, Italy and Holland, and billboards in France, Spain, Italy, Ireland and Holland. In North America, Viacom Outdoor is the leading out of home media enterprise, with the number one position in USA, Canada and Mexico.

Source: Viacom Outdoor

CONTACT: Press Contacts: Dana McClintock (N.Y.), +1-212-975-1077, dlmcclintock@cbs.com, or Mike Baker (London), +44-207-4282827, mike.baker@viacom-outdoor.co.uk

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