Asia PR News

NEW YORK and BEIJING, Sept. 29 /PRNewswire-AsiaNet/ –

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

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