Viacom reported record third quarter 2002 results with revenues increasing 10% to $6.3 billion and operating income increasing to $1.3 billion compared to $194 million in the third quarter of 2001. Every business segment saw higher revenues and operating income led by strong advertising growth of 14% overall. Net earnings were $640 million or $.36 per share compared to a net loss of $.11 per share in the third quarter of 2001. Excluding certain one-time items from 2001, operating income grew 18% and earnings per share grew 17% reflecting strong performance across all of Viacom's business segments.

1. VIACOM REPORTS RECORD THIRD QUARTER 2002 RESULTS, WITH
HIGHER REVENUES AND OPERATING INCOME IN EVERY SEGMENT
• Reported Revenues of $6.3 Billion, Up 10%, versus Revenues of $5.7 Billion,
Led By 14% Advertising Growth
• Reported Operating Income of $1.3 Billion Increased from $194 Million
and Reported Diluted Earnings Per Share of $.36 Rose from a Loss of
$.11 Per Share
Assuming Adoption of SFAS No. 142 in 2001 and Excluding 2001 Video Charge
• Operating Income Increased 18% to $1.3 Billion from $1.1 Billion
• Diluted Earnings Per Share Rose 17% to $.36 from $.31 Per Share
New York, New York, October 24, 2002 -- Viacom Inc. (NYSE: VIA and VIA.B) today reported
record results for the third quarter ended September 30, 2002.
Viacom reported revenues increased 10% to $6.3 billion from $5.7 billion and operating income
increased to $1.3 billion from $194 million in the same quarter last year, with higher revenues and
operating income in every segment and a 14% overall increase in advertising revenues, led by the
strength of the Company’s broadcast and cable networks, and television and radio stations. Television
revenues increased 14% and operating income rose to $314 million from $78 million; Cable Networks
revenues grew 13% and operating income increased 41% to $511 million from $363 million; and
Infinity revenues increased 6%, driven primarily by 10% growth in Radio, and operating income rose
to $322 million from $61 million.
Viacom reported net earnings of $640 million, or $.36 per diluted share, for the third quarter of 2002
compared with a net loss of $190 million, or a loss of $.11 per diluted share, for the third quarter of
2001.
The Company’s EBITDA (operating income before depreciation and amortization) in the third quarter
increased 56% to $1.5 billion from $977 million in the third quarter of 2001. Free cash flow for the third
quarter of 2002 was $214 million, bringing free cash flow to $1.62 billion for the first nine months

2. 2
of 2002. Free cash flow reflects the Company’s operating income before depreciation and amortization,
less cash interest, taxes paid, working capital requirements and capital expenditures.
“Viacom’s record third quarter performance was outstanding, with revenues and operating income up
across every one of our segments,” said Sumner M. Redstone, Chairman and Chief Executive Officer of
Viacom. “Clearly, the strength of our assets and the talent, commitment and superior execution of our
management team, led by Mel Karmazin, have spurred Viacom to excel. We are confident in our ability to
deliver on our full-year financial targets for 2002, and we see the growth of our businesses becoming even
more robust as we move into 2003. We also continue to use our strong free cash flow to enhance
shareholder value through the purchase of our stock and recently announced a new $3 billion buy back
program.”
Mel Karmazin, President and Chief Operating Officer of Viacom, said, “Our record third quarter results
demonstrate the underlying vibrancy of our core businesses, the continued strengthening of ad sales, and
the strategic validity and superior execution of the Viacom/CBS merger. Viacom turned in the best third
quarter in its history, and the pacings in our advertising-supported businesses continue to be strong in the
fourth quarter. In addition, Viacom’s $1.62 billion in free cash flow for the first nine months of 2002
exceeded free cash flow for the same period last year.
“In the third quarter, exceptional ratings spurred CBS, MTV, Nickelodeon, TV Land, TNN and BET to
double-digit ad sales growth, clearly outperforming their respective markets. Our radio and TV station
operations also delivered double-digit revenue growth and Viacom Outdoor, which continues to improve,
had its first revenue growth quarter since the fourth quarter of 2000. Viacom’s non-advertising businesses
also made significant contributions, led by a strong quarter in our Entertainment operations and solid
results at Blockbuster, which continues to roll out new rental and retail initiatives.”
Comparisons to prior-year third quarter and nine-month results were positively affected by the adoption of
SFAS No. 142 “Goodwill and Other Intangible Assets” in the first quarter of 2002 as goodwill is no longer
amortized but tested for impairment at least annually. As a result, the Company’s amortization expense is
now significantly lower, totaling $25 million in the third quarter of 2002 compared with $571 million in
the third quarter last year. Viacom’s 2001 third quarter and nine-month results also include the primarily
non-cash third quarter Video charge of $355 million in operating income and also reflect lower revenues
and increased costs from the events of September 11.

3. 3
Excluding goodwill amortization and the Video charge from 2001 results, Viacom’s operating income
increased 18% to $1.3 billion from $1.1 billion in the same quarter last year. Net earnings were $640
million, or $.36 per diluted share, versus $556 million, or $.31 per diluted share, for the third quarter of
2001, a per share increase of 17% over the same prior-year quarter. Excluding the 2001 Video charge,
Viacom’s EBITDA in the third quarter of 2002 increased 15% to $1.5 billion from $1.3 billion.
Business Outlook
In the fourth quarter of 2002, the Company expects to deliver in excess of 20% growth in earnings per
share, operating income and EBITDA versus the same quarter last year. With this fourth quarter
performance, the Company will achieve its forecast for full year 2002 of double-digit growth in
earnings per share, operating income and EBITDA. For the full year 2003, the Company expects to
deliver mid-single digit revenue growth resulting in double-digit EBITDA growth and mid-teen growth
in operating income and earnings per share.
Segment Results (Third Quarter 2002 versus Third Quarter 2001)
The Company is a diversified worldwide entertainment company with operations in five segments: (i)
Cable Networks, (ii) Television, (iii) Infinity, (iv) Entertainment and (v) Video. The table below presents
Viacom’s third quarter 2002 and 2001 revenues by segment.
Revenues
Third Quarter Better/ % of Total Revenues
(dollars in millions) 2002 2001 (Worse)% 2002 2001
Cable Networks $ 1,243.9 $ 1,096.6 13% 20% 19%
Television 1,810.1 1,585.2 14 29 28
Infinity 968.2 910.3 6 15 16
Entertainment 1,058.6 980.4 8 17 17
Video 1,386.5 1,264.7 10 22 22
Intercompany eliminations (160.8) (123.4) (30) (3) (2)
$ 6,306.5 $ 5,713.8 10% 100% 100%
Total Revenues

4. 4
Cable Networks revenues are generated primarily from advertising sales and affiliate fees. Television and
Infinity revenues are generated primarily from advertising sales. Television also generates revenues from
television license fees. Entertainment revenues are generated primarily from feature film exploitation,
publishing, movie theaters and theme park operations. Video generates revenues from its rental and retail
operations of videocassettes, DVDs and games. The following table sets forth the percentage of revenues
that each type contributes to consolidated revenues for the third quarter of 2002 and 2001.
Percentage of Revenues
Third Quarter
2002 2001
Revenues by Type
Advertising sales 43% 41%
Rental/retail sales 22 22
Affiliate fees 9 9
TV license fees 8 9
Feature film exploitation 7 7
Other 11 12
100% 100%
Total
The table below presents Viacom’s third quarter 2002 and 2001 operating income by segment.
Operating Income
Third Quarter Better/ 2001 Adjusted Better/
(dollars in millions) 2002 2001 (Worse)% for SFAS 142 (Worse)%
Cable Networks $ 510.8 $ 363.1 41% $ 420.6 21%
Television 313.8 78.1 N/M 250.3 25
Infinity 322.0 60.9 N/M 315.7 2
Entertainment 137.0 69.0 99 85.2 61
Video(a) 80.0 (317.5) N/M (272.8) N/M
Segment Total 1,363.6 253.6 N/M 799.0 71
Corporate expenses/eliminations (53.3) (38.9) (37) (38.9) (37)
Residual costs (22.1) (21.0) (5) (21.0) (5)
$ 1,288.2 $ 193.7 N/M $ 739.1 74%
Total Operating Income
2001 Video charge(a) — 355.3 N/M 355.3 N/M
Total Operating Income
(excluding Video charge) $ 1,288.2 $ 549.0 135% $ 1,094.4 18%
N/M – Not meaningful
(a) Results for third quarter 2001 reflect a primarily non-cash charge principally related to the elimination of less-productive
VHS tapes as part of the transition from VHS to the higher margin DVD rental market and a change in amortization.

5. 5
The table below sets forth EBITDA for the third quarter of 2002 and 2001. The Company believes that
EBITDA should be considered in addition to, not as a substitute for or superior to, operating income, net
earnings, cash flows, and other measures of financial performance prepared in accordance with generally
accepted accounting principles (“GAAP”). EBITDA is not a GAAP measurement and may not be
comparable to similarly titled measures employed by other companies.
EBITDA
Third Quarter Better/
(dollars in millions) 2002 2001 (Worse)%
Cable Networks $ 556.8 $ 470.2 18%
Television 348.7 282.6 23
Infinity 380.6 373.1 2
Entertainment 167.8 115.2 46
Video(a) 142.0 (210.4) N/M
Segment Total 1,595.9 1,030.7 55
Corporate expenses/eliminations (47.7) (32.8) (45)
Residual costs (22.1) (21.0) (5)
$1,526.1 $ 976.9 56%
Total EBITDA
2001 Video charge(a) — 352.7 N/M
$1,526.1 $1,329.6 15%
Total EBITDA (excluding Video charge)
N/M – Not meaningful
(a) Results for third quarter 2001 reflect a primarily non-cash charge principally related to the elimination of less-productive
VHS tapes as part of the transition from VHS to the higher margin DVD rental market and a change in amortization.
Cable Networks (MTV Networks, including MTV, VH1, Nickelodeon/Nick at Nite, TV Land,
TNN and CMT; BET; and Showtime Networks Inc.)
Cable Networks revenues increased 13% to $1.2 billion from $1.1 billion and operating income
increased 41% to $511 million from $363 million. Assuming SFAS 142 had been adopted in 2001,
operating income would have increased 21%. Revenue and operating income increases were driven
by double-digit advertising revenue growth at MTV, Nickelodeon, TV Land, TNN and BET and
increases in affiliate fees. The third quarter included The 2002 MTV Video Music Awards, the most-
watched show in its 19-year history. BET’s double-digit growth in national advertising more than
offset the absence of revenues from infomercials which are no longer part of BET’s programming
strategy. Showtime subscriptions increased by approximately 2.7 million, or 9%, to 32.3 million
subscriptions at September 30, 2002. Cable Networks EBITDA increased 18% to $557 million from
$470 million.

6. 6
Television (CBS and UPN Television Networks and Stations; Television Production and Syndication)
Television revenues increased 14% to $1.8 billion from $1.6 billion and operating income increased to
$314 million from $78 million. Assuming SFAS 142 had been adopted in 2001, operating income
would have increased 25% for the quarter. CBS and UPN Networks combined delivered 18% growth
in advertising revenues, led by growth in primetime of over 20%. The Stations group delivered 30%
year-over-year advertising revenue growth due to strong sales in the automotive, leisure and media
industries as well as increased political ads and the addition of KCAL- Los Angeles, which was
acquired in May 2002. KCAL contributed 8% of Stations revenue growth for the quarter. Syndication
revenues declined primarily reflecting the absence of contributions from the syndication of Everybody
Loves Raymond in the same quarter last year, partially offset by incremental cable sales in the current
quarter. Television’s 2001 results were impacted by the events of September 11, which caused lower
revenues from the cancellation and rescheduling of programming and increased news coverage costs.
Television EBITDA increased 23% to $349 million from $283 million.
Infinity (Radio Stations, Outdoor Advertising Properties)
Infinity revenues increased 6% to $968 million from $910 million while operating income increased to
$322 million from $61 million. Assuming SFAS 142 had been adopted in 2001, operating income
would have increased 2% for the quarter. Radio, which continues to show strong improvement with
revenues up 10%, incurred higher programming expenses principally associated with sports rights.
Outdoor revenues were up 2% in the third quarter, the first increase since the fourth quarter of 2000,
principally because of favorable foreign currency exchange rates. Outdoor operating income declined
primarily due to higher guarantee payments for transit contracts. Infinity EBITDA increased 2% to
$381 million from $373 million.
Entertainment (Paramount Pictures, Famous Players, Famous Music Publishing, Paramount
Parks and Simon & Schuster)
Entertainment revenues increased 8% to $1.1 billion from $980 million while operating income
increased 99% to $137 million from $69 million. Assuming SFAS 142 had been adopted in 2001,
operating income would have increased 61% for the quarter. The strong performance of
Entertainment was driven by revenue and operating income growth of the Features group, primarily
home video and network television, partially offset by lower theatrical revenues. Simon &
Schuster’s key third quarter 2002 titles were From A Buick 8 by Stephen King, What We Saw by
CBS News and Self Matters Companion by Phillip C. McGraw. Entertainment EBITDA increased
46% to $168 million from $115 million.

7. 7
Effective January 1, 2002, the Company operates and presents Simon & Schuster under the
Entertainment segment. Prior period segment information has been reclassified to conform to the
new presentation.
Video (Blockbuster)
Video revenues increased 10% to $1.4 billion from $1.3 billion and operating income of $80
million increased from a loss of $318 million. Revenue increases were driven by 6.9% higher
worldwide same store revenues, largely the result of positive consumer acceptance of Blockbuster’s
new rental and retail initiatives in support of movies and games. Domestic and international same
store sales were up 7.6% and 3.6%, respectively. Assuming SFAS 142 had been adopted in 2001
and excluding the 2001 primarily non-cash charge of $355 million, gross margin of 57.8%
decreased from 59.9% and operating income would have decreased 3%. Increased investment in
rental and retail initiatives resulted in the decrease in gross margin and operating income, which
was also affected by higher marketing costs to initiate new consumer programs. Blockbuster ended
the third quarter of 2002 with 8,246 company-owned and franchise stores, a net increase of 395
stores over the third quarter of 2001. EBITDA of $142 million increased from a loss of $210
million and, excluding the 2001 third quarter charge, Video EBITDA was flat.
Corporate Expenses/Eliminations
Corporate expenses, including depreciation, remained constant at $43 million for the third quarter of
2002 versus the prior-year period. Eliminations of $10 million for the quarter principally reflect the
profit elimination of the sale of feature films to cable and broadcast networks.
Residual Costs
Residual costs primarily include pension and postretirement benefit costs for benefit plans retained by
the Company for previously divested businesses. Residual costs increased 5% to $22 million from
$21 million for the third quarter of 2002 versus the prior-year period due primarily to a reduction in
amortized actuarial gains for benefit plans of divested businesses.

8. 8
Nine-Month Results
For the nine months ended September 30, 2002, Viacom revenues increased 4% to $17.8 billion from
$17.2 billion for the same period last year. Operating income increased 182% to $3.3 billion from
$1.2 billion, principally due to the adoption of SFAS 142 in the first quarter of 2002 and the 2001
Video charge. Viacom’s EBITDA for the first nine months of 2002 increased 16% to $4.0 billion
from $3.5 billion.
For the nine months ended September 30, 2002, Viacom reported net earnings before cumulative
effect of a change in accounting principle of $1.6 billion, or $.87 per diluted share, compared with a
net loss of $181 million, or a loss of $.11 per diluted share in the same period last year. The
Company’s adoption of SFAS 142 resulted in a non-cash charge of $1.5 billion recorded during the
first quarter of 2002 as a cumulative effect of a change in accounting principle. Assuming the
adoption of SFAS 142 had occurred at the beginning of 2001, and excluding the 2001 third quarter
Video charge, operating income increased 6% to $3.3 billion from $3.1 billion; EBITDA increased
5% to $4.0 billion from $3.8 billion; and net earnings before cumulative effect of change in
accounting principle increased 8% to $1.6 billion, or $.87 per diluted share, from $1.4 billion, or $.82
per diluted share, for the nine months ended September 30, 2001.
Revenues
Nine Months Ended
September 30, Better/ % of Total Revenues
(dollars in millions) 2002 2001 (Worse)% 2002 2001
Cable Networks $ 3,380.1 $ 3,141.0 8% 19% 18%
Television 5,366.9 5,242.4 2 30 31
Infinity 2,756.3 2,731.3 1 15 16
Entertainment 2,744.4 2,619.7 5 15 15
Video 3,983.5 3,798.6 5 22 22
Intercompany eliminations (403.0) (350.1) (15) (1) (2)
$ 17,828.2 $ 17,182.9 4% 100% 100%
Total Revenues
Percentage of Revenues
Nine Months Ended
September 30,
2002 2001
Revenues by Type
Advertising sales 45% 46%
Rental/retail sales 22 22
Affiliate fees 9 9
TV license fees 6 6
Feature film exploitation 8 7
Other 10 10
100% 100%
Total

9. 9
Operating Income
Nine Months Ended
September 30, Better/ 2001 Adjusted Better/
(dollars in millions) 2002 2001 (Worse)% for SFAS 142 (Worse)%
Cable Networks $ 1,238.8 $ 894.9 38% $ 1,066.6 16%
Television 881.3 359.8 145 857.5 3
Infinity 887.7 218.9 N/M 961.0 (8)
Entertainment 284.4 185.1 54 233.5 22
Video(a) 271.4 (247.5) N/M (116.0) N/M
Segment Total 3,563.6 1,411.2 153 3,002.6 19
Corporate expenses/eliminations (166.0) (165.2) — (165.2) —
Residual costs (66.1) (62.8) (5) (62.8) (5)
$ 3,331.5 $ 1,183.2 182 $ 2,774.6 20
Total Operating Income
2001 Video charge(a) — 355.3 N/M 355.3 N/M
Total Operating Income
$ 3,331.5 $ 1,538.5 117% $ 3,129.9 6%
(excluding Video charge)
EBITDA
Nine Months Ended
September 30, Better/
(dollars in millions) 2002 2001 (Worse)%
Cable Networks $ 1,382.5 $ 1,218.3 13%
Television 985.5 958.1 3
Infinity 1,063.8 1,132.6 (6)
Entertainment 374.5 322.4 16
Video(a) 446.2 68.5 N/M
Segment Total 4,252.5 3,699.9 15
Corporate expenses/eliminations (148.9) (149.6) —
Residual costs (66.1) (62.8) (5)
$ 4,037.5 $ 3,487.5 16
Total EBITDA
2001 Video charge(a) — 352.7 N/M
Total EBITDA
$ 4,037.5 $ 3,840.2 5%
(excluding Video charge)
N/M – Not meaningful
(a) Results for nine months ended September 30, 2001 reflect a primarily non-cash charge principally related to the
elimination of less-productive VHS tapes as part of the transition from VHS to the higher margin DVD rental market
and a change in amortization.

10. 10
Other Matters
For the nine months ended September 30, 2002, the Company purchased approximately 19.7 million shares
of its Class B Common Stock for approximately $813 million under its stock purchase program, of which
$320 million was spent in the third quarter. From October 1 through October 21, the Company purchased
an additional 2.1 million shares for approximately $88 million, leaving $125 million available under the
program for future purchases. On October 10, 2002, the Company’s board of directors approved a new
purchase program to buy back up to $3.0 billion of the Company’s common stock.
The annual effective tax rate has decreased from 40.5% as of June 30, 2002 to 39.6% as of September 30,
2002, principally due to the release of a valuation allowance for certain tax benefits which are currently
expected to be realized, and certain other changes in estimates. This reduction of the annual effective tax
rate resulted in a third quarter rate of 38.2%.
Viacom is a leading global media company, 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, BET, Paramount Pictures, Viacom Outdoor, Infinity, UPN, The New TNN, TV Land, CMT:
Country Music Television, Showtime, Blockbuster, and Simon & Schuster. More information about
Viacom and its businesses is available at www.viacom.com.

11. 11
Cautionary Statement Concerning Forward-looking Statements
This news release contains both historical and forward-looking statements. All statements, including Business
Outlook, other than statements of historical fact are, or may be deemed to be, forward-looking statements within
the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934.
These forward-looking statements are not based on historical facts, but rather reflect the Company’s current
expectations concerning future results and events. Similarly, statements that describe our objectives, plans or
goals are or may be forward-looking statements. These forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results, performance or achievements of the
Company to be different from any future results, performance and achievements expressed or implied by these
statements. The following important factors, among others, could affect future results, causing these results to
differ materially from those expressed in our forward-looking statements: advertising market conditions
generally; changes in the public acceptance of the Company’s programming; changes in technology and its effect
on competition in the Company’s markets; changes in the Federal Communications laws and regulations; other
domestic and global economic, business, competitive and/or regulatory factors affecting the Company’s
businesses generally; and other factors described in the Company’s previous news releases and filings made
under the securities laws. The forward-looking statements included in this document are made only as of the date
of this document and under section 27A of the Securities Act and section 21E of the Exchange Act, we do not have
any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.
Contacts:
Press: Investors:
Carl D. Folta Martin Shea
Senior Vice President, Corporate Relations Senior Vice President, Investor Relations
(212) 258-6352 (212) 258-6515
Susan Duffy James Bombassei
Vice President, Corporate Relations Vice President, Investor Relations
(212) 258-6347 (212) 258-6377

12. 12
VIACOM INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited; all amounts, except per share amounts, are in millions)
Three months ended Nine months ended
September 30, September 30,
2002 2001 2002 2001
$ 6,306.5 $ 5,713.8 $ 17,828.2 $ 17,182.9
Revenues
Operating income 1,288.2 193.7 3,331.5 1,183.2
Other income (expense):
Interest expense, net (209.5) (220.0) (633.1) (720.7)
Other items, net .3 (28.3) (18.0) (36.1)
1,079.0 (54.6) 2,680.4 426.4
Earnings (loss) before income taxes
Provision for income taxes (412.3) (169.4) (1,060.9) (607.6)
Equity in loss of affiliated companies, net of tax (14.5) (7.7) (32.3) (41.9)
Minority interest, net of tax (11.9) 41.3 (33.0) 42.1
Net earnings (loss) before cumulative effect of
640.3 (190.4) 1,554.2 (181.0)
change in accounting principle
Cumulative effect of change in accounting principle,
net of minority interest and tax — — (1,480.9) —
$ 640.3 $ (190.4) $ 73.3 $ (181.0)
Net earnings (loss)
Basic earnings (loss) per common share:
Net earnings (loss) before cumulative effect of
change in accounting principle $ .37 $ (.11) $ .89 $ (.11)
Cumulative effect of change in accounting principle $ — $ — $ (.84) $ —
Net earnings (loss) $ .37 $ (.11) $ .04 $ (.11)
Diluted earnings (loss) per common share:
Net earnings (loss) before cumulative effect of
change in accounting principle $ .36 $ (.11) $ .87 $ (.11)
Cumulative effect of change in accounting principle $ — $ — $ (.83) $ —
Net earnings (loss) $ .36 $ (.11) $ .04 $ (.11)
Weighted average number of common shares:
Basic 1,752.8 1,768.0 1,754.1 1,722.2
Diluted 1,770.3 1,768.0 1,776.9 1,722.2
Earnings per share before cumulative effect of change in
accounting principle assuming adoption of SFAS 142
in 2001 and excluding 2001 Video charge
Basic $ .37 $ .31 $ .89 $ .83
Diluted $ .36 $ .31 $ .87 $ .82