Viacom Takes Full Ownership of MTV Japan

TOKYO, August 29: MTV Networks has reached a deal to acquire
the remaining interest in joint venture MTV Japan from private equity firm
H&Q Asia Pacific (H&QAP), marking the company’s largest acquisition in
the Asia-Pacific region.

Prior to this agreement, MTVN held a minority stake in MTV
Japan. The move is intended to accelerate MTV Networks’ growth the market. In
addition to the MTV Japan joint venture, MTV Networks owns and operates
Nickelodeon and the digital media brand Flux in Japan. Upon completion of the
deal, MTVN will combine MTV Japan with Nickelodeon and Flux into one business.

MTV Japan will continue to be led by president and CEO Yu
Sasamoto, who will report to Peter Bullard, the EVP and managing director of
Viacom International Japan, who will oversee the combined operation. Bullard
reports directly to Bill Roedy, the president of MTV Networks International.

“Japan is a huge and important market with a very advanced
digital infrastructure,” said Tom Freston, the president and CEO of Viacom. “By
taking sole ownership of MTV Japan we can now seamlessly operate all of our
companies there on a multiplatform basis, putting us on a path to significantly
grow our Japanese business.”

“This deal represents an important step forward in our
strategy to drive international growth,” added Judy McGrath, the chairman and
CEO of MTV Networks. “Japan is one of the most dynamic media markets in the
world, and we are now positioned to lead the Asia-Pacific region in terms of
delivering innovative entertainment content to young adult consumers across all
platforms.”

MTV Japan was formed in 2001, after H&QAP acquired the music channel Vibe from Pioneer and created a joint
venture partnership with MTV Networks.