National Amusements to Sell Portion of Non-Voting Viacom and CBS Shares

National Amusements Inc. (NAI), the company controlled by Sumner Redstone that holds his controlling interest in Viacom and CBS Corporation, announced today that its wholly owned subsidiary, NAIRI, Inc., intends to sell approximately $400 million in the aggregate of its non-voting shares of Viacom and CBS. Sale proceeds will be used to pay down debt to comply with covenants under NAI’s credit agreements.

NAIRI owns 46.8 million Class A voting shares of Viacom and 23.4 million Class B non-voting shares of Viacom as well as 46.8 million Class A voting shares of CBS and 39.8 million Class B non-voting shares of CBS. Subject to market conditions, NAIRI expects to sell approximately an equal dollar value of Viacom and CBS non-voting shares. NAIRI does not expect to sell any voting shares of Viacom or CBS.

About National Amusements, Inc.

National Amusements, Inc., is a world leader in the motion picture exhibition industry operating more than 1,500 screens in the U.S., U.K., Latin America and Russia. National Amusements delivers a superior entertainment experience in theatres around the world under its Showcase, Multiplex, Cinema de Lux, and KinoStar brands. Based in Dedham, Massachusetts, National Amusements is a closely held company operating under the third generation of leadership by the Redstone family. National Amusements is also an equal partner in the online ticketing service, MovieTickets.com, and is the parent company of both Viacom and CBS Corporation.