BET Interactive Takes Full Control of Web Power BET.com With Buyout of Original Investment Group

BET Interactive Takes Full Control of Web Power BET.com With Buyout of Original Investment Group

Transaction Sets New Direction for World's Leading Portal for African Americans

WASHINGTON, Aug. 25 /PRNewswire/ -- BET Networks, a unit of Viacom Inc. (NYSE:VIA)(NYSE:VIA.B), announced today that BET Interactive, its Internet operating unit, is taking one of its most strategic steps in its six-year history with the cash buyout of its original investment group consisting of Microsoft, News Corporation, Liberty Media and IAC/InterActive Corp and the former investors from 360HipHop.com, led by hip-hop mogul Russell Simmons. Financial terms were not disclosed. BET Networks Chairman and CEO Debra Lee along with Michael Pickrum, Executive Vice President and Chief Operating Officer of BET Interactive, announced the transaction today.

"This is a great day for BET Networks and BET Interactive as we've seen our goal of 100 percent controlling interest in our Internet property come true," said Lee. "The growth and success achieved by BET.com has been nothing short of remarkable in a tumultuous marketplace that saw many interactive ventures fail. We can attribute that success directly to the strategic leadership of Michael Pickrum and his management team."

BET.com has established itself as the leading online media site for African-American content and targeted brand advertising. The portal first launched in 2000 with initial venture capital funding from its original investors. Since then, a business plan based on financial discipline, strategic partnerships and commitment to serving its core audience helped BET.com achieve success across all of its key metrics.

Pickrum said, "Buying out the original investors is a cornerstone in BET's digital media strategy. Our ability to establish and sustain success enables us to execute a plan to create even more compelling content for millions of users in an advertising-supported environment."

For Viacom, the buyout of the BET Interactive shareholders is another step in its multiplatform strategy that is fueling all of its business units.

"BET.com is the leading African-American website and a great example of our ability to move our entertainment brands onto digital platforms," said Tom Freston, President and Chief Executive Officer of Viacom. "We have great plans for BET.com and are thrilled to bring this leading media site completely under our roof."

BET.com has registered more than 3.6 million users and generates 2.6 million in total monthly unique visitors (based on June 2006 comScore data). Praise and accolades have also followed with dozens of awards from such prestigious entities as the National Association of Black Journalists, Pew Center for Civic Journalism, Scripps-Howard Media, along with Interactive Design and Black Enterprise magazines.

"It's exciting to be in the new media business when you have a financially-proven business model, a great brand, and the marketing and programming support of BET Networks, the leading media property targeting African Americans," said Pickrum. The key now is to apply that intelligence to consistently deliver a compelling on-line experience."

ABOUT BET INTERACTIVE AND BET.COM

BET Interactive is a division of Viacom (NYSE:VIA)(NYSE:and)(NYSE:VIA.B) subsidiary BET Networks, the nation's leading media company providing entertainment, music, news and public affairs programming for the African-American audience. It's flagship product BET.com launched in February 2000 with initial funding from BET Networks and several world-class strategic investors to create the most powerful African-American presence on the Internet. Averaging over 3 million registered users and 2.6 million unique visitors per month, BET.com has received numerous accolades and awards for its content and community applications. The primary BET cable channel reaches more than 82 million households according to Nielsen media research, and can be seen in the United States, Canada and the Caribbean. BET is the dominant African-American consumer brand with a diverse group of other branded businesses that include BET Digital Networks - BET J, BET Gospel and BET Hip Hop, attractive alternatives for cutting-edge entertainment tastes; BET Event Productions, a full-scale event management and production company; BET Home Entertainment, a collection of BET-branded offerings for the home environment including DVDs and video-on-demand; and BET Mobile, a service venture into the lucrative world of ring tones, games and video content for wireless devices.

http://www.bet.com/PR

Source: BET Networks

CONTACT: Michael Lewellen of BET Networks, +1-202-608-2003,
michael.lewellen@bet.net

Web site: http://www.bet.com/

-------
Profile: intent