Exhibit 99.1
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VIACOM TO SELL $1.5 BILLION IN GLOBAL DEBT SECURITIES
New York, New York, January 5, 2001 - Viacom Inc. (NYSE: VIA,
VIA.B) has announced its intention to sell $1.5 billion of global debt
securities to be comprised of 5-, 10- and 30-year maturities. Proceeds from the
sale of securities will be used to repay existing short-term debt.
"This offering enables us to take advantage of attractive
rates and convert our variable rate borrowings into fixed rate issues," said
Fredric G. Reynolds, Chief Financial Officer of Viacom. "In addition, the
pricing will also reflect Viacom's recent ratings upgrade to A3 by Moody's
Investor's Service."
Viacom is the No. 1 platform in the world for advertisers, 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, and music. Viacom's well-known
brands include CBS, MTV, Nickelodeon, VH1, Paramount Pictures, Infinity
Broadcasting, UPN, TNN, CMT, Showtime, Blockbuster, and Simon & Schuster. More
information about Viacom and its businesses is available at www.viacom.com.
The global debt securities to be offered have not been and
will not be registered under the Securities Act of 1933, or any state securities
laws, and may not be offered or sold in the United States absent registration
under, or an applicable exemption from, the registration requirements of the
Securities Act of 1933 and applicable state securities laws.
Contacts:
Media Carl Folta Susan Duffy
----- 212-258-6352 212-258-6347
Investors Marty Shea Jim Bombassei
--------- 212-846-6515 212-258-6377
