CBS, Viacom Among New Joost Investors

NEW YORK, May 10: Five companies, including CBS Corporation
and Viacom, have collectively invested $45 million in the new Internet TV
platform Joost.

The funding, secured from Index Ventures, Sequoia Capital,
Li Ka Shing Foundation, CBS Corporation and Viacom, will be used to accelerate
product development, global expansion, localization and service offerings.

“This funding represents a tremendous vote of confidence in
Joost’s platform,” said Janus Friis, the co-founder of Joost. “We’ve carefully
selected these investors from a variety of interested parties, as they are
best-in-class in their respective arenas and bring unique assets to Joost that
will enable us to significantly accelerate growth and development of the
company.”

Index Ventures, a leading European venture capital firm, led
the round with Sequoia Capital, another venture capital firm.

Hong Kong tycoon Li Ka-shing, chairman of Hutchison Whampoa
and Cheung Kong Holdings, invested in Joost through his charitable foundation,
the Li Ka Shing Foundation. Joost expects to work with Li and his companies to
expand its distribution in China and other parts of Asia.

CBS Corporation and Viacom are also content partners,
providing channels and programming on Joost. In addition to its investment, CBS
has contributed more than 2,000 hours of CBS entertainment, sports and news
programming. Viacom is a “Key Launch Partner” providing channels and
programming from across all of its properties.