1. VIACOM REPORTS RECORD FOURTH QUARTER AND FULL YEAR 2002 RESULTS
· Fourth Quarter Revenues of $6.8 Billion Up 12% from $6.0 Billion; Operating Income
of $1.3 Billion Increased from $277 Million; and Net Earnings of $652 Million, or $.37
Per Share, Up from a Loss of $43 Million, or a Loss of $.02 Per Share
· Full Year Revenues of $24.6 Billion Up 6% from $23.2 Billion; Operating Income of
$4.6 Billion Up from $1.5 Billion; and Net Earnings of $726 Million, or $.41 Per
Share, Up from a Loss of $224 Million, or a Loss of $.13 Per Share
Assuming Adoption of SFAS No. 142 in 2001 and Excluding 2001 One-Time Items
· Fourth Quarter Operating Income Increased 31% to $1.3 Billion from $966 Million;
Earnings Per Share Rose 54% to $.37 from $.24 Per Share
· Full Year Operating Income Increased 12% to $4.6 Billion from $4.1 Billion;
Diluted Earnings Per Share Increased 17% to $1.24 from $1.06 Per Share
New York, New York, February 12, 2003 -- Viacom Inc. (NYSE: VIA and VIA.B) today reported
record results for the fourth quarter and full year ended December 31, 2002.
For the fourth quarter, Viacom revenues increased 12% to $6.8 billion from $6.0 billion for the same
period last year, led by 14% growth in advertising revenues. Operating income increased to $1.3
billion from $277 million, reflecting strong growth in the Television, Cable Networks and
Entertainment segments, as well as the adoption of SFAS No. 142 “Goodwill and Other Intangible
Assets” in the first quarter of 2002 and one-time charges reported in the fourth quarter of 2001.
Viacom reported fourth quarter net earnings of $652 million, or $.37 per share, compared with a net
loss of $43 million, or a loss of $.02 per share, in the same period last year.
The Company’s EBITDA (operating income before depreciation and amortization) in the fourth
quarter of 2002 increased 42% to $1.5 billion from $1.1 billion. Free cash flow for the fourth quarter
of 2002 was $963 million versus $1.4 billion principally reflecting the timing of certain tax payments
as well as increases in working capital over the prior-year period. Free cash flow reflects the
Company’s operating income before depreciation and amortization, less cash interest, taxes paid,
working capital requirements and capital expenditures.

2. 2
For the full year 2002, Viacom revenues increased 6% to $24.6 billion from $23.2 billion with a 5%
overall increase in advertising revenues, including double-digit growth at MTV Networks and the
Television Stations group. Operating income increased to $4.6 billion from $1.5 billion in the prior year
reflecting growth in every segment as well as the adoption of SFAS 142 and the 2001 one-time charges.
Viacom reported net earnings of $726 million, or $.41 per share, for full year 2002 compared with a net
loss of $224 million, or a loss of $.13 per share, for 2001.
For the full year 2002, the Company’s EBITDA increased 22% to $5.5 billion from $4.5 billion in 2001.
Free cash flow for 2002 was $2.6 billion compared with $3.0 billion in 2001, principally reflecting the
timing of certain tax deductions and payments as well as increases in working capital.
Sumner M. Redstone, Chairman and Chief Executive Officer of Viacom, said, “Our fourth quarter and full
year results are yet another indication that Viacom has the right assets, the right management and the right
strategy to continue to grow year after year. We built momentum throughout the year, culminating with an
outstanding performance by most of our core businesses in the fourth quarter. We also continued our
strategic program of opportunistic acquisitions and used our strong balance sheet to enhance value for our
shareholders through share repurchases. Our performance in 2002 is but a forerunner of what we expect to
accomplish in 2003.”
Mel Karmazin, President and Chief Operating Officer of Viacom, said, “Viacom turned in a record
performance in 2002, delivering 17% growth in earnings per share including 54% growth in earnings per
share in the fourth quarter. The Company’s performance in the fourth quarter was led by double-digit
operating income and EBITDA growth in Cable Networks, Television, and Entertainment. It was a year of
accomplishments creatively, operationally and financially in every division of the Company and our
business performance was paced by a 5% increase in advertising sales, with fourth quarter ad sales
increasing 14%. We are off to a strong start in 2003 and we intend to continue to focus on combining new
efficiencies with smart investments in programming that will drive revenue growth particularly in our high
margin, high growth businesses.”

3. 3
Comparisons to prior-year fourth quarter and full year results were affected by the adoption of SFAS 142
in the first quarter of 2002 which resulted in an impairment charge net of minority interest of
approximately $1.5 billion related to Blockbuster’s goodwill. This charge is reflected as a cumulative
effect of a change in accounting. Goodwill is no longer amortized but tested for impairment at least
annually, resulting in significantly lower amortization expense, which totaled $102 million in 2002
compared with $2.2 billion in 2001, including $25 million in the fourth quarter of 2002 compared with
$546 million in the fourth quarter of 2001. Viacom’s 2001 results also included aggregate one-time
charges to operating income of $523 million associated with the primarily non-cash Video charge and
fourth quarter restructuring charges at MTV Networks and UPN, of which $168 million is reflected in the
fourth quarter. Assuming the adoption of SFAS 142 had occurred at the beginning of 2001, and excluding
the 2001 one-time charges, operating income increased 31% to $1.3 billion from $966 million for the
fourth quarter and increased 12% for the full year 2002 to $4.6 billion from $4.1 billion. Excluding these
one-time charges, Viacom’s EBITDA increased 24% for the quarter to $1.50 billion from $1.22 billion
and increased 10% for the year to $5.54 billion from $5.06 billion.
Additionally, the Company recognized a one-time, pre-tax gain of $288 million in the fourth quarter of
2001 principally from television station swaps and the recovery of certain advertising commitments net of
impairment losses related to the Company’s internet investments. Excluding the impact of these one-time
items and assuming adoption of SFAS 142 had occurred in 2001, the Company’s fourth quarter net
earnings before cumulative effect of change in accounting principle were $652 million, or $.37 per share,
a per share increase of 54%, from $431 million, or $.24 per share and for the year, net earnings before
cumulative effect of change in accounting principle were $2.2 billion, or $1.24 per diluted share, versus
$1.9 billion, or $1.06 per diluted share, a per share increase of 17% over the prior year.
Business Outlook
As previously projected, 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 for the
full year 2003.

4. 4
Segment Results (Fourth Quarter 2002 versus Fourth Quarter 2001)
The Company is a diversified worldwide entertainment company with operations during 2002 in five
segments: (i) Cable Networks, (ii) Television, (iii) Infinity, (iv) Entertainment and (v) Video. The table
below presents Viacom’s fourth quarter 2002 and 2001 revenues by segment.
Revenues
Fourth Quarter Better/ % of Revenues
2002 2001 (Worse)% 2002 2001
(dollars in millions)
Cable Networks $ 1,346.6 $ 1,156.6 16% 20% 19%
Television 2,123.1 2,005.3 6 31 33
Infinity 998.3 938.9 6 15 16
Entertainment 902.5 978.1 (8) 13 16
Video 1,582.4 1,358.1 17 23 22
Intercompany eliminations (175.4) (397.1) 56 (2) (6)
$ 6,777.5 $ 6,039.9 12% 100% 100%
Total Revenues
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 fourth quarter of 2002 and 2001.
Percentage of Revenues
Fourth Quarter
2002 2001
Revenues by Type
Advertising sales 48% 47%
Rental/retail sales 23 22
Affiliate fees 8 8
TV license fees 5 5
Feature film exploitation 7 9
Other 9 9
100% 100%
Total

5. 5
The table below presents Viacom’s fourth quarter 2002 and 2001 operating income by segment.
2001 Adjusted
for SFAS 142
Operating Income
Fourth Quarter Better/ 2001 Adjusted Better/ and Excluding Better/
(Worse)% for SFAS 142 (Worse)% Charges(a) (b) (Worse)%
2002 2001
(dollars in millions)
Cable Networks(a) $ 533.4 $ 340.0 57% $ 399.0 34% $ 474.4 12%
Television(a) 321.1 42.3 N/M 189.5 69 242.9 32
Infinity 337.9 72.9 N/M 327.5 3 327.5 3
Entertainment 49.1 13.9 N/M 29.8 65 29.8 65
Video(b) 84.4 27.9 N/M 71.8 18 111.2 (24)
Segment Total 1,325.9 497.0 N/M 1,017.6 30 1,185.8 12
Corporate expenses (43.2) (48.1) 10 (48.1) 10 (48.1) 10
Eliminations (15.8) (147.5) 89 (147.5) 89 (147.5) 89
Residual costs (1.7) (24.4) 93 (24.4) 93 (24.4) 93
$ 1,265.2 $ 277.0 N/M $ 797.6 59% $ 965.8 31%
Total Operating Income
N/M – Not meaningful
(a) Fourth quarter 2001 reflects restructuring charges of $75 million in Cable Networks and $53 million in Television.
(b) Fourth quarter 2001 reflects a primarily non-cash charge of $39 million 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.
The table below sets forth EBITDA for the fourth 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.
2001
EBITDA
Fourth Quarter Better/ Excluding Better/
Charges(a) (b)
2002 2001 (Worse)% (Worse)%
(dollars in millions)
Cable Networks(a) $ 580.6 $ 463.7 25% $ 530.3 10%
Television(a) 357.7 230.4 55 283.1 26
Infinity 398.2 385.1 3 385.1 3
Entertainment 79.7 59.4 34 59.4 34
Video(b) 143.4 135.6 6 175.0 (18)
Segment Total 1,559.6 1,274.2 22 1,432.9 9
Corporate expenses (37.3) (42.6) 12 (42.6) 12
Eliminations (15.8) (147.5) 89 (147.5) 89
Residual costs (1.7) (24.4) 93 (24.4) 93
$1,504.8 $1,059.7 42% $1,218.4 24%
Total EBITDA
(a) Fourth quarter 2001 reflects restructuring charges of $67 million in Cable Networks and $53 million in Television.
(b) Fourth quarter 2001 reflects a primarily non-cash charge of $39 million 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.

6. 6
Cable Networks (MTV Networks, including MTV, VH1, Nickelodeon/Nick at Nite, TV Land,
TNN and CMT; BET; and Showtime Networks Inc.)
For the quarter, Cable Networks revenues increased 16% to $1.3 billion from $1.2 billion for the same
prior-year quarter led by 23% growth in advertising revenues with double-digit increases at MTVN
and BET and a 9% increase in affiliate fees. Operating income increased 57% to $533 million from
$340 million. Assuming SFAS 142 had been adopted in 2001 and excluding the fourth quarter 2001
restructuring charge, operating income would have increased 12%. Showtime subscriptions increased
by approximately 4.1 million, or 13%, to 35.4 million subscriptions at December 31, 2002. Cable
Networks EBITDA increased 25% to $581 million from $464 million, and excluding the 2001
restructuring charge, EBITDA would have increased 10%.
For the year, Cable Networks revenues increased 10% to $4.7 billion from $4.3 billion and operating
income increased 44% to $1.8 billion from $1.2 billion. Assuming SFAS 142 had been adopted in
2001 and excluding the 2001 restructuring charge, operating income would have increased 15%.
Revenue and operating income increases were driven by 12% advertising growth and an 8% increase
in affiliate fees paced by double-digit increases at MTVN. For the year, Cable Networks EBITDA
increased 17% to $2.0 billion, and excluding the 2001 restructuring charge, EBITDA would have
increased 12%.
Television (CBS and UPN Television Networks and Stations; Television Production and Syndication)
For the quarter, Television revenues increased 6% to $2.1 billion from $2.0 billion and operating
income increased to $321 million from $42 million principally driven by advertising revenue growth of
13%. Assuming SFAS 142 had been adopted in 2001 and excluding the fourth quarter 2001
restructuring charge, operating income would have increased 32%. CBS and UPN Networks combined
delivered 8% higher advertising revenues, with 11% increases in primetime primarily due to price
increases, coupled with the NFL which had higher ratings as well as price increases. The Stations
group delivered 24% higher advertising revenues. KCAL- Los Angeles, which was acquired in May
2002, contributed 9% of the Stations revenue growth. Syndication revenues declined primarily due to
lower domestic syndication revenues, reflecting the absence of contributions from Star Trek: The Next
Generation and Cheers in the same quarter last year, partially offset by revenue from cable sales and
the launch of Dr. Phil. Television EBITDA increased 55% to $358 million from $230 million, and
excluding the 2001 restructuring charge, EBITDA would have increased 26%.

7. 7
For the year, Television revenues increased 3% to $7.5 billion from $7.2 billion and operating income
increased to $1.2 billion from $402 million. Assuming SFAS 142 had been adopted in 2001 and
excluding the 2001 restructuring charge, operating income would have increased 9%. CBS and UPN
Networks combined delivered 2% growth in advertising revenues for the year, or 6% excluding the
impact of the Super Bowl in 2001. The Stations group delivered 12% year-over-year advertising
revenue growth with KCAL contributing 5% of this growth. Television EBITDA increased 13% to
$1.3 billion from $1.2 billion, and excluding the 2001 restructuring charge, EBITDA would have
increased 8%.
Infinity (Radio Stations, Outdoor Advertising Properties)
For the quarter, revenues increased 6% to $998 million from $939 million and operating income
increased to $338 million from $73 million in the prior year. Assuming SFAS 142 had been adopted in
2001, operating income would have increased 3%. Radio revenues increased 8% led by growth in the
New York and Los Angeles markets. Excluding transactions with Westwood One, an affiliate of the
Company, radio revenues would have increased 11% for the quarter. Outdoor demonstrated positive
momentum in the second half of 2002, with revenues up 4% in the fourth quarter, principally due to
favorable foreign currency exchange rates. Outdoor’s operating income declined primarily due to
higher guarantee payments for transit contracts. Infinity’s EBITDA increased 3% to $398 million for
the fourth quarter of 2002 from $385 million.
For the year, Infinity revenues increased 2% to $3.8 billion from $3.7 billion while operating income
increased to $1.2 billion from $292 million. Assuming SFAS 142 had been adopted in 2001, operating
income would have decreased 5%. Radio revenues increased 5%, which were partially offset by higher
programming expenses principally associated with sports rights. Outdoor’s revenues were down
slightly for the year. For the year, Infinity’s EBITDA decreased 4% to $1.5 billion.
Entertainment (Paramount Pictures, Famous Players, Famous Music Publishing, Paramount
Parks and Simon & Schuster)
For the quarter, Entertainment revenues of $903 million decreased 8% from $978 million for the
same prior-year period and operating income of $49 million increased from $14 million. Assuming
SFAS 142 had been adopted in 2001, operating income would have increased 65%. Revenue
decreases reflect lower Features revenues principally from home video, foreign syndication,
domestic pay television and domestic theatrical revenues, partially offset by higher Theaters
revenues. Theaters revenues increased primarily as a result of increased attendance, admission

8. 8
prices, and higher per capita spending. Fourth quarter theatrical releases included Jackass: The
Movie, Star Trek Nemesis and The Wild Thornberrys Movie. Simon & Schuster’s key fourth
quarter 2002 titles were Bush At War by Bob Woodward, Everything’s Eventual by Stephen King
and He Sees You When You’re Sleeping by Mary and Carol Higgins Clark. Operating income
increases benefited from lower distribution, development and overhead costs for feature films as
compared with the prior-year period. Entertainment EBITDA increased 34% to $80 million from
$59 million.
For the year, Entertainment revenues increased 1% to $3.6 billion while operating income
increased 68% to $334 million from $199 million. Assuming SFAS 142 had been adopted in 2001,
operating income would have increased 27%. Entertainment results were driven by operating
income growth from Features which benefited from lower distribution, development and overhead
costs, and revenue and operating income growth from Theaters and Simon & Schuster compared
with the prior-year period.
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)
For the quarter, Video revenues of $1.6 billion increased 17% from $1.4 billion and operating
income increased to $84 million from $28 million for the same prior-year period. Revenue
increases were driven by 9.1% higher worldwide same store revenues primarily resulting from
same store revenue growth of 41.8% in retail and 2.3% in rental. Domestic and international same
store revenues increased 9.6% and 6.7%, respectively. Assuming the adoption of SFAS 142 had
occurred in 2001 and excluding the 2001 fourth quarter charge, gross margin of 53.9% would have
decreased from 58.7% and operating income would have decreased 24%. Blockbuster ended 2002
with 8,545 worldwide company-owned and franchise stores, a net increase of 564 stores over the
fourth quarter of 2001. Video EBITDA increased 6% to $143 million from $136 million, and
excluding the 2001 charge, Video EBITDA decreased 18% to $143 million from $175 million.
Blockbuster’s reported fourth quarter 2002 charge of $18.7 million for lease obligations related to
Wherehouse Entertainment Inc. has no impact on Viacom’s reported operating results and is
reflected in the Company’s discontinued operations.

9. 9
For the year, Video revenues increased 8% to $5.6 billion from $5.2 billion and operating income of
$356 million increased from a loss of $220 million. Revenue increases were driven by 5.1% higher
worldwide same store revenues primarily resulting from growth in same-store retail revenues, and
same-store rental revenues which were up slightly over the prior year. Domestic and international
same store revenues increased 4.9% and 6.0%, respectively. Assuming SFAS 142 had been adopted in
2001 and excluding the 2001 charge, gross margin of 57.6% decreased from 59.6% and operating
income would have increased 2%. Video EBITDA of $590 million increased from $204 million, and
excluding the 2001 charges, Video EBITDA decreased slightly to $590 million from $596 million.
Corporate Expenses/Eliminations
For the quarter, Corporate expenses, including depreciation, decreased 10% to $43 million from $48
million in the prior-year period. For the year, Corporate expenses declined 6% to $159 million from
$169 million in the prior-year period. Eliminations of $16 million and $66 million for the fourth
quarter and full year, respectively, principally reflect the profit elimination of the sale of feature
films to cable and broadcast networks and television programming sales to cable networks.
Residual Costs
Residual costs primarily include pension and postretirement benefit costs for benefit plans retained
by the Company for previously divested businesses. For the quarter, residual costs decreased to $2
million versus $24 million in the prior-year period. For the year, residual costs decreased 22% to $68
million from $87 million due primarily to the recognition of actuarial gains for benefit plans of
certain divested businesses.
Revenues
Twelve Months Ended
December 31, Better/ % of Revenues
2002 2001 (Worse)% 2002 2001
(dollars in millions)
Cable Networks $ 4,726.7 $ 4,297.6 10% 19% 19%
Television 7,490.0 7,247.7 3 30 31
Infinity 3,754.6 3,670.2 2 15 16
Entertainment 3,646.9 3,597.8 1 15 15
Video 5,565.9 5,156.7 8 23 22
Intercompany eliminations (578.4) (747.2) 23 (2) (3)
$ 24,605.7 $ 23,222.8 6% 100% 100%
Total Revenues

10. 10
Percentage of Revenues
Twelve Months Ended
December 31,
2002 2001
Revenues by Type
Advertising sales 46% 46%
Rental/retail sales 22 22
Affiliate fees 9 9
TV license fees 6 6
Feature film exploitation 7 8
Other 10 9
100% 100%
Total
2001 Adjusted
Operating Income
Twelve Months Ended for SFAS 142
December 31, Better/ 2001 Adjusted Better/ and Excluding Better/
(Worse)% for SFAS 142 (Worse)% Charges(a) (b) (Worse)%
2002 2001
(dollars in millions)
Cable Networks(a) $ 1,772.2 $ 1,234.9 44% $ 1,465.6 21% $ 1,541.0 15%
Television(a) 1,202.4 402.1 N/M 1,047.0 15 1,100.4 9
Infinity 1,225.6 291.8 N/M 1,288.5 (5) 1,288.5 (5)
Entertainment 333.5 199.0 68 263.3 27 263.3 27
Video(b) 355.8 (219.6) N/M (44.2) N/M 350.5 2
Segment Total 4,889.5 1,908.2 N/M 4,020.2 22 4,543.7 8
Corporate expenses (159.0) (169.1) 6 (169.1) 6 (169.1) 6
Eliminations (66.0) (191.7) 66 (191.7) 66 (191.7) 66
Residual costs (67.8) (87.2) 22 (87.2) 22 (87.2) 22
$ 4,596.7 $ 1,460.2 N/M $ 3,572.2 29% $ 4,095.7 12%
Total Operating Income
N/M – Not meaningful
(a) Full year 2001 reflects fourth quarter restructuring charges of $75 million in Cable Networks and $53 million in Television.
(b) Full year 2001 reflects a primarily non-cash charge of $395 million 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.

11. 11
EBITDA
Twelve Months Ended 2001
December 31, Better/ Excluding Better/
(Worse)% Charges(a) (b)
2002 2001 (Worse)%
(dollars in millions)
Cable Networks(a) $ 1,963.1 $ 1,682.0 17% $ 1,748.6 12%
Television(a) 1,343.2 1,188.5 13 1,241.2 8
Infinity 1,462.0 1,517.7 (4) 1,517.7 (4)
Entertainment 454.2 381.8 19 381.8 19
Video(b) 589.6 204.1 N/M 596.2 (1)
Segment Total 5,812.1 4,974.1 17 5,485.5 6
Corporate expenses (136.0) (148.0) 8 (148.0) 8
Eliminations (66.0) (191.7) 66 (191.7) 66
Residual costs (67.8) (87.2) 22 (87.2) 22
$ 5,542.3 $ 4,547.2 22% $ 5,058.6 10%
Total EBITDA
N/M – Not meaningful
(a) Full year 2001 reflects fourth quarter restructuring charges of $67 million in Cable Networks and $53 million in Television.
(b) Full year 2001 reflects a primarily non-cash charge of $392 million 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.
Other Matters
For the year ended December 31, 2002, the Company purchased approximately 28 million shares of its
Class B Common Stock for approximately $1.2 billion under its stock purchase program, of which $351
million was spent in the fourth quarter. From January 1 through February 10, the Company purchased an
additional 1.8 million shares for approximately $75 million, leaving $2.8 billion available under the
program for future purchases.
For 2002, the Company’s effective tax rate was 38.8%, before the cumulative effect of change in
accounting, versus 118.5% in 2001. The 2001 rate was adversely affected by the non-deductible
goodwill amortization. Assuming SFAS 142 had been adopted in 2001, the effective rate would have
been 36.8%.
Effective January 1, 2003, the Company operates the Infinity segment as two separate business
segments, Radio and Outdoor, and will present future results separately.

12. 12
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.
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

13. 13
VIACOM INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited; all amounts, except per share amounts, are in millions)
Three Months Ended Twelve Months Ended
December 31, December 31,
2002 2001 2002 2001
$ 6,777.5 $6,039.9 $ 24,605.7 $ 23,222.8
Revenues
Operating income 1,265.2 277.0 4,596.7 1,460.2
Other income (expense):
Interest expense, net (199.4) (217.9) (832.5) (938.6)
Other items, net (12.0) 290.8 (30.0) 254.7
1,053.8 349.9 3,734.2 776.3
Earnings before income taxes
Provision for income taxes (388.0) (312.3) (1,448.9) (919.9)
Equity in loss of affiliated companies, net of tax (7.2) (85.1) (39.5) (127.0)
Minority interest, net of tax (6.2) 5.0 (39.2) 47.1
Net earnings (loss) before cumulative effect of
652.4 (42.5) 2,206.6 (223.5)
change in accounting principle
Cumulative effect of change in accounting principle,
net of minority interest and tax — — (1,480.9) —
$ 652.4 $ (42.5) $ 725.7 $ (223.5)
Net earnings (loss)
Basic earnings (loss) per common share:
Net earnings (loss) before cumulative effect of
change in accounting principle $ .37 $ (.02) $ 1.26 $ (.13)
Cumulative effect of change in accounting principle — — (.84 —
Net earnings (loss) $ .37 $ (.02) $ .41 $ (.13)
Diluted earnings (loss) per common share:
Net earnings (loss) before cumulative effect of
change in accounting principle $ .37 $ (.02) $ 1.24 $ (.13)
Cumulative effect of change in accounting principle — — (.84 —
Net earnings (loss) $ .37 $ (.02) $ .41 $ (.13)
Weighted average number of common shares outstanding:
Basic 1,749.0 1,759.7 1,752.8 1,731.6
Diluted 1,768.5 1,759.7 1,774.8 1,731.6
Earnings per share before cumulative effect of change in
accounting principle assuming adoption of SFAS 142
in 2001 and excluding 2001 one-time items(1)
Basic $ .37 $ .24 $ 1.26 $ 1.08
Diluted $ .37 $ .24 $ 1.24 $ 1.06
(1)
For 2001, basic and diluted earnings per share exclude the Video charge, restructuring charges at MTVN and UPN, gain on television
station swaps and the recovery of certain advertising commitments net of impairment losses related to the Company’s internet investments.