Press Release: September 13, 2000

WR Hambrecht + Co Initiates Coverage of Viacom (VIA.B) with a Strong Buy Rating and a Price Target of $90

Merger with CBS magnifies entertainment conglomerate’s dominance

San Francisco, CA, September 13, 2000—WR Hambrecht + Co today initiated research coverage on Viacom (VIA.B) with a strong buy rating and a price target of $90. WR Hambrecht + Co’s Entertainment analyst Jeffrey B. Logsdon cited synergies resulting from the CBS merger extending to programming, distribution and advertising advantages and wide array of leading brand franchises as key reasons for the rating. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com.

“Viacom’s operating profile and balance sheet have been substantially improved as it now concentrates on high growth, higher margin, and higher multiple and broadband business. The Company’s multi-dimensional, multi-platformed position across all film media sectors should help drive and sustain an industry-leading valuation,” Logsdon said.

Logsdon projects total revenues will reach $23.8 billion in 2000, and $26.5 billion in 2001, up from $22.2 million in 1999.

Viacom is one of the leading producers and distributors of filmed entertainment.