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<TABLE>
<CAPTION>
EXHIBIT 12.1
VIACOM INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)
HISTORICAL
-------------------------------------------------------------------------------------------
Nine Months Year Ended December 31,
Ended -------------------------------------------------------------------
September 30,2000 1999 1998 1997 1996 1995
------------------ ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Earnings (loss) before income taxes $183.4 $843.9 $137.3 $1,178.5 $410.1 $442.7
Add:
Interest expense 577.4 461.0 631.2 790.7 839.7 864.4
Capitalized interest amortized 2.2 5.7 11.5 4.1 5.9 10.5
1/3 of rental expense 222.0 213.8 186.8 225.0 178.4 166.9
Adjustment for fifty-
percent-owned affiliates 25.1 (49.0) (51.5) (178.1) 23.6 30.3
Preferred stock dividends-
majority owned subsidiaries 0.0 0.0 0.0 0.0 0.0 0.3
------------------ -------------------------------------------------------------------
Adjusted Earnings $1,010.1 $1,475.4 $915.3 $2,024.2 $1,457.7 $1,515.1
================== ===================================================================
Fixed charges:
Interest expense $577.4 $461.0 $631.2 $791.7 $844.2 $876.3
1/3 of rental expenses 222.0 213.8 186.8 225.0 178.4 166.9
Preferred stock dividends-
majority owned subsidiaries 0.0 0.0 0.0 0.0 0.0 0.3
------------------ -------------------------------------------------------------------
Total fixed charges $799.4 $674.8 $818.0 $1,016.7 $1,022.6 $1,043.5
================== ===================================================================
Ratio of earnings to fixed charges 1.3x 2.2x 1.1x 2.0x 1.4x 1.5x
================== ===================================================================
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PRO FORMA
----------------------------------------------------------------------------
Nine Months
Ended Year Ended
September 30,2000 December 31, 1999
------------------------------------ ----------------------------------
Pro Forma for Pro Forma for Pro Forma for Pro Forma for
Viacom/CBS Infinity Viacom/CBS Infinity
Merger Merger Merger Merger
----------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Earnings (loss) before income taxes $140.0 ($16.0) $670.0 $461.0
Add:
Interest expense 765.9 765.9 890.6 890.6
Capitalized interest amortized 2.2 2.2 5.7 5.7
Adjustment for fifty-
percent-owned affiliates 25.1 25.1 (49.0) (49.0)
1/3 of rental expense 253.7 253.7 260.7 260.7
----------------- -------------- -------------- --------------
Adjusted Earnings $1,186.9 $1,030.9 $1,778.0 $1,569.0
================= ============== ============== ==============
Fixed charges:
Interest expense $765.9 $765.9 $890.6 $890.6
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<CAPTION>
<S> <C> <C> <C> <C>
1/3 of rental expenses $253.7 $253.7 $260.7 $260.7
----------------- -------------- -------------- --------------
Total fixed charges $1,019.6 $1,019.6 $1,151.3 $1,151.3
================= ============== ============== ==============
Ratio of earnings to fixed charges 1.2x 1.0x 1.5x 1.4x
================= ============== ============== ==============
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