National Amusements

80% 80%

A&E Networks:A&E USA, History Channel, Military History Channel,

Biography Channel, Biography magazine, History International, The History Channel (Germany, Austria, and Switzerland),The

History Channel en español, Crime & Investigation Network, AETN Consumer

Products and AETN International.

37.5% 25%

MSNBC.com

50%

50%

ESPN Star Sports Asia

Hyperion Books distributed by Harper Collins

Super RTL TV Station

$900 Mil deal for Google to provide search advertising

on MySpace

Content Provisiondeal

Hulu.com

50%

50%

50% 50%

CW Network (USA) 50%50%

50%

50%

Multi-year deal for Yahoo to provide all ads on Viacom property websites.

Distribution Deal

Distribution Deal

Search advertising

deal

Premiere AG

14.6%

25%

Viacom provides MTV shows to MSN

streaming video

Steve Jobs, CEO of Apple sits on the

Disney BOD and owns 7.3% of common stock

Dist. Deal

Dist. Deal

Dist. Deal

Dist.Deal

Figure 1: Key Interlockings Between Multi-National Media & Diversified Internet Corporations** Please note that this diagram represents key partnerships and cross-investments. It is not exhaustive. The relationships are current as of February 2008.

Key:

Investment

Partnership

Dist. Deal

LABEL

Eric Schmidt, Google CEO sits

on the Apple BOD

TV/Satellite FilmRadio/Music Print Internet

TV: RTL Group (90%): RTL, Vox (24.9), RTL II, Super RTL, RTL 8,RTL Televizija, N-TV, M6 Group (Fr), Paris Première, REN TV (50% Russia),

Music: BMG, Sony BMG (50%)Bertelsmann

CBSTV: CBS Paramount TV, King World, CBS TV Stations,CSTV Networks, CBS Network TV, CW Network (50%) Showtime, CSTV Networks

Radio: CBS Radio (144 US Stations), Westwood One (18.4%), Spanish Broadcasting Corporation (22.1%)

Internet: CBS Digital Media: innertube.com

Print: Simon & Schuster, Pocket books, Scribner, Alladin, Free Press

DisneyTV: 10 US TV stations, BV Television, BV International TV: ABC Network, ABC Cable Networks: Disney Channel, ABC Family, SOAPnet, Jetix (Latin America & Europe, 74%); ESPN: 6 domestic & 31 International Channels in 190 countries ,Lifetime (50%), Hungama (India)

Film: BuenaVista (BV), Miramax, Pixar, Walt Disney Studios, Touchstone

Music: Buena Vista Music Group, Disney Music Publishing,

Radio: Citadel Broadcasting (57%), ESPN Radio, Radio Disney, 71 Radio Stations

Internet: Walt Disney Internet Group, Club Penguin; UTV Software (India),

Books: Hyperion Books

NBCUniversal

Film: Universal Pictures, Focus Features, Rogue Pictures, Universal Home Entertainment,

TV: 10 NBC Stations; 16 Telemundo Stations, 1 Independent Station, NBC Television Network, Telemundo TV Network, Channels: MSNBC, Bravo, Chiller, CNBC, CNBC World, CNBC Europe, CNBC Asia, MSNBC (82%), mun2, NBC Weather Plus, SCI FI, ShopNBC, Sleuth, Telemundo, Telemundo Puerto Rico, Universal HD, USA, 13th Street (EU & LA), Studio Universal (EU & LA), Universal Channel (EU & LA), A&E (25%), The Sundance Channel, Das Vierte (Ger.), HBO (Asia), Star Channel (Japan), TV1 (Australia), LAPTV (Latin America), Telecine (Brazil). TiVo, ION Media Networks

Internet: NBC Universal Digital Media: ivillage.com, 4INFO (SMS advertiser), Hulu.com (50%)

Time WarnerFilm:NewLine Cinema, Warner Brothers Pictures, Looney Toons, Hanna Barbera

TV: TimeWarner Cable (US), CW Network (50%), Channels (47 regional and local language versions of): CNN, HBO,Boomerang. Cartoon Network (US, Asia Pacific, Europe, Latin America), CNN Airport Network, CNN en Espanol, CNN Headline News (USA, Latin America, Asia Pacific), CNN International, TCM, TNT, Cinemax, Pogo (India), TIVO (4.5%), Court TV

Internet: RoadRunner, AOL, AOL.com.mx, CNNMoney.com, CNN Mobile, Netscape, Mapquest

Print: Little, Brown, & Co., Time Inc (145 magazines worldwide), IPC Media (80 magazines in UK & Australia), Southern Progress Corporation (8 US magazines)

Figure 2: Holdings of the Largest Multi-Nationa Diversified Media Conglomerates

NewsCorp

Film: Fox Studios Baja, Fox Studios Los Angeles, Fox Searchlight, Fox Family Films, Fox Faith, Fox Animation Studios, BlueSky Studios; 20th Century Fox Films East, Balaji Telefilms (26%), Kenya: Drive in Cinemas

Internet: MySpace.com, IGN.com, Grab.com, Newsroo, Ksolo, Photobucket, Rottentomatoes,com, Flecktor, Marketwatch.com

TV: Fox Television Stations Group (35 US stations including 10 duopolies); Fox TV Network; MyNetwork TV (13 Stations); 20 Century Fox TV; Star TV Group; Regency Television (40%); Hathaway Cable (India, 26%), Koos Cable (Taiwan 20%), Tata Sky (India, 20%), Phoenix Satellite (China, 17.6%); ITV (18%), BSkyB (38%); DTV ; Pol: PulsTV (Pol 35%), Sky Italia; Sky Latin America, Innova; Foxtel Digital (25%), Foxtel Studios Channels: XYZNetworks (AUS, 50%), Sky Network Television (NZ, 40%); Fox News (broadcast in 70 countries), Fox Business Network, Fox College Sports, Fox Reality, FX, Fox Sports Net, Fox Soccer, Fox Movie, History, Fuel TV, Speed, TV Guide Channel (41%), National Geographic (50%); Channel V, Channel V International, FSI Middle East, Star Channels, A1, UKTV (Middle East), Fox Crime (Eastern Europe, Asia, Turkey); Xing Kong Wei Shi (China); Vijay TV, ANTV (India); Israel 10; Sky Channels; Premiere AG (Germany, 19.9%); BTV, GTV (Bulgaria); Fox Serbia

Internet: Neopets, Xfire, Atom Entertainment, Harmonix and Quizilla, IFilm, investorcalendar.com,

TV: MTV (in 140 countries), MTV Desi, MTV Chi, MTV Brasil, MTV Español, MTV Puerto Rico, MTV Adria, mtvU, mtvU Uber, MTV Hits,VH1, Nickelodeon, Nick at Nite, COMEDY CENTRAL, CMT: Country Music Television, Spike TV, TV Land, Logo, BET,, The Music Factory (NL), Paramount Comedy (IT, SP), Viva (Ger, Hun, Pol, Swi), Game One (France, Israeli), The Box (NL)

Film: Paramount Pictures, Paramount Vantage, MTV Films, Nickelodeon Movies, DreamWorks and Paramount Home Entertainment, The Indian Film Company

Viacom

Rev. $43.7 billion

Rev. $34.29 billion

Rev. $28.66 billion

Rev. 24.21 billion

Rev. $11.47 billion

Rev. $14.32 billion

Rev. $16.12 billion

Internet: Shopping.com (10.9%), Audible.com (5%), Blue Lion Mobile (partial),

Magazines: Gruner & Jahr (285 Magazines & 22 newspapers in 22 countries), News Publishing Group (50%), Spiegel (25.5%),

Books: Random House, BookSpan, Direct Group, Princeton Review (7.6%)

Newspapers:Fiji Times, Paupua New Guinea Post Courier (63%), News Limited (Australia): 110 Newspapers including: The Australian, Herald Sun, Nationwide News, News Advantage, The Sunday Mail, The Advertiser, The Cairns Post, The Geelong Advertiser; News Int: The Sun, The Times, The London Paper, News of the World, New York Post, Weekly Standard, The Wall Street Journal

Books: Harper Collins, Zondervan

Current Properties: CBS Television Network, UPN, CBS Stations Group, CBS Paramount Television, King World, Showtime, CBS Radio, CBS Outdoor, Simon & Schuster, Paramount Parks, CBS Digital Media, CSTV and CBS Consumer Products

Current Properties: MTV Networks: MTV, VH1, Nickelodeon, Nick at Nite, Comedy Central, Country Music Television, Spike TV, TV Land, Logo and more than 137 networks around the world; BET Networks; Paramount Pictures; Paramount Home Entertainmen; DreamWorks; Digital Properties: Neopets, Xfire, Atom Entertainment, Harmonix, Quizilla; Gaming: Activision Blizzard (69%)

2005

CBS & Viacom Split. National

Amusements, owned by Sumner Redstone, retains

controlling interest in both companies.

80%

80%

1928 CBS

founded. It consists of 16 radio stations.

1949CBS TV Network launched

1973 CBS spins off its TV syndication

unit Viacom under pressure to

conform to new FCC Regulations

2000:Viacom buys its former parent - CBS. The joint company is named Viacom. It includes: MTV Networks, Showtime Networks, Paramount Pictures, Paramount Television Group, CBS, Paramount Stations Group, Blockbuster, Paramount Parks, & Simon & Schuster

1985

Movie Theater Chain founded in 1936 by Michael

Redstone

1986National

Amusements buys

controlling stake in Viacom

1993

1995Westinghouse

Electric purchases CBS. Sells off its own non-media

properties and takes the CBS name

1994

2004 splits off

Figure 4": The Development of CBS & Viacom 1928 - 2007

NaspersKingdom Holdings

Grupo Televisa

Rede Globo Abril UnivisionHearst Gannett

CanWest

MediaSet PrisaBBC Legarde|

reVivendi

CCTV

China Mobile

SMG

Bennett, Coleman

Zee Telefilms Phoenix Sony

5.9%

17.6%

19.9%

20%

Sony BMG

50%

50%

Africa Middle East Latin America North America

Asia Europe

1%

BBC Books

1%

20% of Canal +

Zee Turner Ltd (joint

venture dis. network)

24%

76%

Wall Street Journal India

76%

24%

Magazine Dis. Deal

ESPN

80%

20%

A&E Networks

37.5%

25%37.5%

Joint interest in Boing

Channel, and content

provision deal

7%

Vox Channel

49.5%

24.9%

24.9%

MTV Brasil

30%

70%

TVA

20%

70%

Programming License

Sistema Radiopolis

50%

50%

Lifetime Networks

50%

50%

Affiliate TV Stations

LeMonde

17%15%

CSI FranchiseNatl Geog

Rights

Figure 5: Interlockings Between Select Second Tier Multi-National Media Groups and the Global Core

Key:

Investment

Partnership

MTV Awards China

Careerbuilder.compartnership

Affiliate TV Stations

30%

TV/Satellite FilmRadio/Music Print Internet/Other

Figure 6: Property Map of "Second Tier" Multi-Media Conglomerates

USA

AbrilBrazil

TV: MTV Brasil (70%); TVA (70%) Music: Abril Music, Abril Music Club Magazines: ControlJournal (50%), Editora Abril S.A. (70%) 300 publications including Veja, Capricho, Mickey, Ze Carioca, Ilusao, Nocturno, Manequim,Quatro Rodas,Realidade, Placar, Playboy; Books: Ática and Scipionz Publishers

Internet: Universo Online (50%)

BennettColeman(The Times Group)India

TV: Zoom TV, Times Now (50% with Reuters), Radio: Radio Mirchi (12 stations

across India)Newspapers: Times of India, Mumbai Mirror, Economic Times; Famina, Filmfare, Bangalore Mirror,

Internet: India Times

CanWestCanada

TV:Global Television and E! Television; Alliance Atlantis (66%) which produces the CSI: Crime Scene Investigation franchise, and operates 13 specialty television channels throughout Canada; TEN Network (Australia, 57%), EyeCorp

Radio: 4 stations in Turkey including Joy FM; 3 “Original” stations in the UK

Newspapers: 10 large dailies including National Post, Ottawa Citizen and The Gazette (Montreal); 30 community newspapers; The New Republic (USA)

CCTVChina

TV: CCTV 1, CCTV 9, CCTV International Asia, CCTV International Europe, and CCTV International America

Radio: CRI (China Radio International)

Newspapers: China Daily, People’s Daily; Xinhua News Agency

Internet: CCTV.com, Tibet.cn, ICCTV.com, China.org.cn

GrupoTelevisaMexico

Kingdom HoldingsSaudi Arabia

Legarde|reFrance

FujiJapan

Film: Fuji TV MoviesTV:Fuji Television Network, Happo Television, owns 28 stations and satellite channels Fuji TV 721 and 739, produced television shows such as “Iron Chef”

Radio: Nippon Broadcasting (83%), Music: Pony Canyon Publishing: Fusosha Publishing Other: Dinos (direct marketing), event production

including Cirque du Soleil’s work in Japan

GannettTV: Operates 23 US television stations in markets that include Sacramento, Phoenix, Atlanta, Denver and Washington, D.C

Radio:Gannett Broadcasting (13 Radio Stations)

Newspapers: USA Today; Newsquest (UK) publishes newspapers including Lancashire Evening Telegraph, Bolton Evening News, and The Northern Echo; Clipper Magazine; Army Times Publishing; over 100 community newspapers throughout the United States, Gannett News Service

Internet: Captivate, USATODAY.com; Hawaii.com Other: Gannett Healthcare Group, Hawaii.com,, Gannett Retail Advertising Group, Gannett Satellite Information Network, Gannett Media Technologies

GazpromRussia

TV: TNT and NTV, NTV+ (partial)

Radio: Echo of Moscow, First Popular Radio (Popsa), Radio NEXT, CITY-FM and Relax-FM

Publishing: Publishing house Seven Days: Magazines: Itogy, 7 Days TV-Program, Caravan of Stories’ Collection, Caravan of Stories. Newspapers: Izvestia and Tribuna

Other: Oktyabr and Crystal Palace (cinema-theaters), NTV-Media (advertising), Telebasis (real estate), Parent Gazprom produces 86% of the country's natural gas

Film: NTV-KINO (film production)

TV:Univision (25%, provides 70% of the content), Sky Mexico, Empresas Cablevision (51%), Televisa Networks (33 stations), Channels 2, 4, 5 and 9

Music:Televisa Musica, Radio: Sistema Radiopolis (50% with Prisa) 17 Mexican Radio Stations.

Publishing: Editorial Televisa, Grupo Televisa Publishing Distribution (78 titles in 20 countries), it also publishes Spanish editions of major English publications such as Cosmopolitan, Harpar's Bazaar, Good Housekeeping, PC Magazine. and National Geographic

Internet: Televisa Digital: Esmas, Gyggs

Film: Videocine, Televisa Home Entertainment,

HearstUSA

TV:Hearst-Argyle Television (77%)—ABC, NBC, CW and CBS network-affiliated stations in markets around the US; A&E Networks (37.5%), Lifetime Entertainment Services (50%), Cosmopolitan Television

Radio: 2 US radio stations

Magazines: Hearst Magazines, include: Cosmopolitan, Esquire, Good Housekeeping, Harper's BAZAAR, O, The Oprah Magazine (with Harpo), Popular Mechanics, Seventeen, SmartMoney (with Dow Jones), Newspapers: 12 daily newspapers including The San Francisco Chronicle, Seattle Post-Intelligencer, Houston Chronicle

Internet: Drugstore.com, White Directory Publishers (telephone directories), NBCWeather.com

TV:Lebanese Broadcasting Corp.Satellite (49%), Islamic Al Resalah (The Message) channel, Rotana (music video production), Rotana Clip, Rotana Music, Rotana Gulf, Rotana Cinema, Rotana Tarab, RotanaZaman, Rotana Europe,

Radio: Rotana FM Magazines:Rotanna Magazine

Media Investments: NewsCorp (5.9%), Disney (2%), TimeWarner (1%), Apple (1%), Rotana studios, Amazon (1%), Sonatel (10% Senegalese telecom) Non-Media Investments: Four Seasons (27%). Savoy Hotel London, EuroDisney (10%), Citigroup (3%), Motorola (1%),

TV: Canal J, Gulli, TiJi, Teva (24.5%), Muzzik, Match TV, Canal Satellie (34%)

Radio: Radio stations in the Czech Republic, France, Germany, Poland, Romania, Russia, and South Africa including Europe 1 & 2, Lagardere Active Radio International, RFM

Publishing: Legardere Publishing publishes dictionaries, textbooks and general literature; Larousse, Robert Laffont, Bordas, Magazines: Legardere Active prints magazines including Elle, Ici Paris, France Dimanche, Psychologies Magazine, Woman’s Day, Car and Driver, and Cycle World; Marie Claire Publisher (45%), Newspapers: LeMonde (17%), La Provence, Nice-Matin (94%), Var-Matin (94%) Corse Matin (86.5%), Corse (86.5%) Votre Hebdo (86.5%), L'Alsace (20%)

Internet:Cellfish Media; Legadare Active Media; Other: Intermedia (85%), Lagardère Publicité (2nd largest adv. agency in France, Interdeco Group (media buyer), and the media planning agencies Eurosud Pbulicite (86%) and Hexagone (22%)

MediasetItaly

TV:Canale 5, Italia 1, Rete 4, GestevisionTelecino (majority, Spain), Boing (51%), Mediashopping, Mediaset Premium, Endemol NV, Radio: Radio 101,

Publishing: Monadori (largest Italian magazine publisher) Magazines: Newspapers: Il Giornale

Other: Mediolanum (36%), advertising firm PublItalia and AC Milan, one of Italy's top professional soccer teams. Albacom (Telecom),

Phoenix TV China

TV:Phoenix Satellite Television (Hong Kong), Phoenix Global Television, Phoenix Chinese News and Entertainment, Phoenix Film &TV Company, China Global Television (50%)

Magazines: Phoenix Weekly Magazine, Hong Kong Phoenix Weekly Magazine (77%) Internet:Phoenix TV.com

Film: Phoenix Film & TV Co.

NaspersSouth Africa

TV: MultiChoice, M-Net, SupersportMagazines: Chinese sports publisher Titan (partial), Paarl Media, Media24, Beijing Media Corp (10%),

Internet: Russian web portal Mail.ru (30%), Sanook a Thai internet company; MediaZone, NetWeb (12%), Tencent (35% China), Sanook (Thailand), Other Investments: Abril (30%), and the Chinese advertising groups Tixa

RedeGloboBrazil

TV:TV Globo, Globo International NetworkCabo Globo, Globosat, Radio: Sistema Globo

de Radio, Som Livre

Pubishing: Editora Globo Magazines: Epoca Newspapers: Extra, O Globo

Internet: Globo Video (internet video)

Film: Globo Filmes, Telecine Programações de Filmes

PrisaSpain

TV: Sogecable—includes Cuatro (44.3%),DIGITAL +, Localia (75%), Portugal TVI, NBP

Radio: Cadena SER (40 Stations), M80, Radiolé, SinfoRadio MáximaFM, Unión Radio (80%), International Radio (GLR)—Colombia, Mexico, USA, Chile, Argentina, Costa Rica

Newspapers: El País, 5 Días, As (75%), Le Monde (15%), Magazines: El Correo de Andalucía, Odiel, La Voz de Almería, Plantas de impression, Cinemanía, Claves,Rolling Stone, Publishing: Santillana, Grupo Santillana (textbooks) includes Aguilar, Alfaguara, Altea, Taurus, Salamandra

Film: Sogecine

China

Shanghai Media Group

TV: Shanghai Media Group Newspapers: China Business DailyInternet: BestTV(Internet protocol TV) Other: Shanghai Oriental Dragon Mobile Telecommunication, Shanghai Telecom

Film: Shanghai Film Group

SonyJapan/USA

TV: Sony Pictures Television produces shows including Jeopardy! and Wheel of Fortune; Sony Pictures Home Media, Gameshow Network (50%); Sony Entertainment TV India

Music: Sony BMG Music Entertainment (50% with Bertelsmann)

Internet:Sony Online Entertainment, Sony Pictures Mobile; Other: Sony Ericcson (mobile phones), Sony Computer Entertainment, Sony Pictures Animation

Film: Columbia TriStar: Screen Gems, TriStar Pictures, Sony Pictures Classics, & Columbia Pictures; Metro Goldwyn-Mayer Studios; Sony Pictures Studios

VivendiFrance

TV: Canal+ France (65%) includes CanalSat, Canal+, Canal+ distribution Music: Universal Music

Internet: CanalSat Mobile Other Investments: Maroc Telecom (51%), SFR Mobile (56%), N9uf Cegetel (40.5%), Vivendi Games, Universal Studios (92%)

Film:Studio Canal, CanalPlay

Data Source: Collected from the latest available proxy statements and/or corporate websites as of February 2008. This chart includes key holdings and is not an exhaustive list.

Zee India

TV: Zee Cinema,, Zee Muzic, Zee Smile, Zee Jagran, Zee Premiere, Zee Classic, Zee Action, Zee Studio, Zee Cafe and Zee Trendz; Zee TV, Zee Sports Limited, Zee News Limited, New Era Entertainment Network Limited, Zee Telefilms (International), Zee Turner Ltd (74%), Taj TV Mauritius (50%), Ten Sports (50%), ETC Networks (51%), Siti Cable, Zee News Ltd.

Film: Zee Cinema Internet: Wire and Wireless (India) LimitedMusic: Zee Records