NEW YORK and BOSTON--(COLLEGIATE PRESSWIRE)--Aug. 2, 2006--mtvU, MTV�s 24-hour college network and a division of Viacom Inc.�s (NYSE: VIA and VIA.B) MTV Networks, today announced a definitive agreement to acquire Y2M: Youth Media & Marketing Networks, the parent of College Publisher, the largest interactive network of online college newspapers in the US.  The network reaches over five million college students via 450 online campus papers � the most powerful local media brand on campus � which serve as definitive on-campus information hubs, providing local news, sports, weather, event listings and much more. 

Adding Y2M to mtvU and to MTV Networks� overall portfolio is another step in MTVN�s strategy to super-serve its audiences with relevant and innovative content, and to be a leader in the digital space.  Following MTVN's recent purchases of XFIRE, Gametrailers, IFILM and Neopets, this acquisition demonstrates the company�s continued commitment to being a premier multi-platform media company across every screen consumers use.

"This acquisition is in line with our business strategy of moving forward in the digital space and continually expanding our online portfolio of music, gaming, news and entertainment," said Judy McGrath, Chairman and CEO, MTVN.  �Bringing mtvU and Y2M together is another avenue for us to be everywhere our audiences are, deepening our relationship with them and connecting them across every platform and device, all the time.�

Together, mtvU and Y2M will create stronger multi-platform offerings, giving advertisers the most effective and comprehensive methods to connect with college students on-air, online, on the handset, in print and on campus.  mtvU�s national advertisers will benefit from an increased ability to develop targeted, localized campaigns, and Y2M�s advertisers can capitalize on mtvU�s industry-leading expertise in emerging media platforms such as broadband video and mobile phones. 

Additionally, the combination of Y2M and mtvU will provide editors of student papers in the College Publisher network the ability to easily include rich media and a whole suite of new features on their online sites without impacting the editorial or design independence of each paper�s staff.  New features that will become available to affiliates include enhanced community functionality, a vast library of emerging music, and the means to create university-specific online networks.  mtvU will also offer the student papers access to the network�s base of more than 120 top-tier advertisers, enabling new ad sales and revenue sharing opportunities.          

�mtvU and Y2M complement each other perfectly � as the definitive college television and online student paper networks � and together, these two mediums are powerful connectors to college students across every touch point,� said Christina Norman, President, MTV.  �We can now provide new, innovative, turn-key methods for our advertisers to reach this powerful demographic and continue to find new ways to super-serve the college market.�

�Student publications are the lifeblood of college campuses, and we�re looking forward to supporting them with new tools and advertising opportunities � empowering them to expand their offerings and audience, as well as improve their financial performance,� said Stephen Friedman, GM, mtvU.  �Y2M�s unmatched network and stellar team are a welcome addition to mtvU and together we�ll unlock a myriad of new opportunities for college students and universities nationwide.�
 
"The combination of Y2M and mtvU will advance the mission of college newspapers across the country and enhance their commercial opportunities with regional and national advertisers.  Together, this will strengthen our ability to serve the unique needs of our 450 university newspaper partners, the 7,000 student journalists who rely on our publishing and hosting technology, and the two million registered online subscribers in the College Publisher network," said John Fees, President and Co-Founder of Y2M. "We are extremely optimistic about the potential this holds for our college newspaper partners, Y2M and mtvU."

mtvU has grown rapidly since launching in early 2004, increasing distribution more than 35 per cent and tripling the size of its advertiser base.  The network has also proliferated on multiple platforms, becoming the first MTV Networks channel distributed in its entirety on broadband (mtvU �ber at mtvU.com) and increasing on campus events to more than 300 a year.       

This transaction is expected to close during the third quarter of 2006.  For more information and an FAQ on today�s announcement, or to inquire about joining the College Publisher network, please visit www.y2m.com or call 617-248-9880. 

About mtvU
Broadcasting to 750 colleges across the country, with a combined enrollment of over seven million, mtvU is the largest, most comprehensive television network just for college students.  24 hours a day, 7 days a week, mtvU can be seen in the dining areas, fitness centers, student lounges and dorm rooms of campuses throughout the U.S.  mtvU is dedicated to every aspect of college life, reaching students everywhere they are, through a three pronged approach � on-air, online and on campus.  mtvU focuses on content including music videos from emerging artists which can�t be seen anywhere else, news, student life features, events and pro-social initiatives.  mtvU is always on campus, with more than 300 events per year, including exclusive concerts, giveaways, shooting mtvU series and more.  For more information about mtvU, and for a complete programming schedule, visit www.mtvU.com.

mtvU �ber makes mtvU the first MTV Networks channel distributed in its entirety via broadband, streaming 24/7 and on demand, featuring all of mtvU plus exclusive new music, original series and student-produced programming for college students and music fans everywhere. 

MTV Networks, a unit of Viacom (NYSE: VIA, VIA.B), is one of the world�s leading creators of programming and content across all media platforms.  MTV Networks, with more than 120 channels worldwide, owns and operates the following television programming services � MTV: MUSIC TELEVISION, MTV2, VH1, mtvU, NICKELODEON, NICK at NITE, COMEDY CENTRAL, TV LAND, SPIKE TV, CMT, NOGGIN, VH1 CLASSIC, LOGO, MTVN INTERNATIONAL and THE DIGITAL SUITE FROM MTV NETWORKS, a package of 13 digital services, with all of these networks trademarks of MTV Networks.  MTV Networks connects with its audiences through its robust consumer products businesses and its more than 100 interactive properties worldwide, including online, broadband, wireless and interactive television services and also has licensing agreements, joint ventures, and syndication deals whereby all of its programming services can be seen worldwide.

About Y2M: Youth Media & Marketing Networks
Y2M is a media and marketing company focused exclusively on the college market.  From its headquarters in Boston, Mass., the company reaches college students and recent graduates where they live, study, work and play, through media properties including official campus newspapers. Y2M owns and operates The College Publisher Network, the nation�s largest interactive college media network, comprising over 450 campus publications that serve institutions such as Brown University, the University of Illinois, the University of Southern California, and Duke University, with a combined enrollment of nearly five million students and a subscriber base of 2.1 million.   Leveraging its knowledge of college-educated consumers, Y2M helps advertisers, including Ford Motor Company, Samsung Electronics NA, Macy�s, Apple and Citibank effectively communicate with students and graduates online, in print and on campus. For more information, please visit www.y2m.com.

Cautionary Statement Concerning Forward-looking Statements

This news release contains both historical and forward-looking statements. All statements which are not 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 Viacom�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 that are difficult to predict and which may cause our actual results, performance or achievements of Viacom to be different from any future results, performance and achievements expressed or implied by these statements. These risks, uncertainties and other factors include factors described in Viacom�s news releases and filings with the Securities and Exchange Commission, including but not limited to Viacom�s 2005 Annual Report as filed on Form 10-K on March 16, 2006 and Quarterly Report for the three months ended March 31, 2006 as filed on Form 10-Q on May 12, 2006.  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.

Contact:
Jason Rzepka
mtvU
212-654-7198
[email protected]

or

Marnie Black
MTV
212-258-7004
[email protected]

or

David Bittler
MTV Networks
212-846-4082
[email protected]

or

Jason Newberg
Y2M / The Castle Group, Inc.
617-227-0012 x223
[email protected]