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INFINITY
BROADCASTING
CORPORATION
40 West 57th Street
New York, N.Y 10019
212-314-9200
INFINITY BROADCASTING CORPORATION BOARD OF DIRECTORS APPOINTS
SPECIAL COMMITTEE TO REVIEW VIACOM INC. PROPOSAL
New York, NY, August 15, 2000 - Infinity Broadcasting
Corporation (NYSE: INF) announced today that its Board of
Directors has formed a special committee composed of independent
directors for the purpose of reviewing a proposal by Viacom Inc.
(NYSE: VIA and VIA.B) to acquire in a merger transaction all
outstanding shares of Infinity not held by Viacom for 0.564 of a
share of Viacom Class B common stock per Infinity share. The
special committee, consisting of Mr. Bruce S. Gordon and Mr.
Jeffrey Sherman, anticipates retaining independent legal counsel
and financial advisors to assist in its review of Viacom's
proposal. Viacom Inc. owns 100% of Infinity's Class B common
stock, which represents approximately 64.3% of the equity of
Infinity and approximately 90.0% of the combined voting power of
Infinity's Class A and Class B common stock.
Infinity Broadcasting Corporation is one of the largest
radio broadcasters in the United States, where it owns and
operates 166 radio stations. The Company is the largest outdoor
advertising company in North America, with operations in the
United States, Canada and Mexico. Infinity also owns outdoor
advertising properties in Europe, with operations in the United
Kingdom, the Netherlands, France, Italy and Ireland. The Company
also manages and holds an equity position in Westwood One, Inc.
(NYSE:WON).
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Press Contact: Dana McClintock 212/975-1077
