1. VIACOM REPORTS FULL YEAR AND FOURTH QUARTER 2001 RESULTS
• Record Full Year Reported Results Include 16% Increase in Revenues,
28% Gain in EBITDA and 80% Increase in Free Cash Flow To $3.0 Billion
• Full Year Pro Forma Revenues Increase to $23.20 Billion and EBITDA
Increases to $5.07 Billion; Results Led By Double-Digit EBITDA Gains in
Cable Networks and Video S egments
• Fourth Quarter Pro Forma EBITDA of $1.22 Billion with S egment Growth
of 15% in Cable Networks and 15% in Video
New York, New York, February 13, 2002 – Viacom Inc. (NYSE: VIA and VIA.B) today reported
results for the full year and fourth quarter ended December 31, 2001.
For the full year 2001, Viacom reported a 16% increase in revenues to $23.22 billion, a 28% gain in
EBIT DA (earnings before interest, taxes, depreciation and amortization) to $4.55 billion and an 80%
increase in free cash flow to $3.0 billion, or $1.70 per diluted share, versus revenues of $20.04 billion,
EBIT DA of $3.54 billion and free cash flow of $1.66 billion, or $1.33 per diluted share, for 2000.
Free cash flow reflects the Company’s EBIT DA less cash interest, taxes paid, working capital
requirements and capital expenditures. Free cash flow for 2001 reflects a benefit of approximately
$400 million relating primarily to the timing of certain tax deductions and payments.
Viacom recorded full year 2001 pro forma revenues of $23.20 billion and pro forma EBIT DA of
$5.07 billion, compared with pro forma revenues of $23.09 billion and pro forma EBIT DA of $5.0
billion in 2000. Viacom’s 2001 pro forma EBIT DA gain was in line with the Company’s previously
announced full year target and was paced by double-digit gains in the Cable Networks and Video
segments. Pro forma results principally reflect the CBS merger and other acquisitions and television

2. 2
station swaps as if they had occurred on January 1, 2000, and are adjusted to exclude one-time charges
of $512 million in the aggregate, associated with the previously announced Blockbuster charge and the
fourth quarter restructuring charges at MT V Networks and UPN.
Sumner M. Redstone, Chairman and Chief Executive Officer of Viacom, said, “ Viacom’s results clearly
demonstrate our ability to excel under unprecedented negative economic conditions. We delivered on
our promises in 2001, which is a tribute to the strength of our assets, the breadth of our leading brands
and, most of all, to the talent and commitment of our world-class management team, led by Mel
Karmazin. Despite the continuing soft economic climate, we are committed to pushing ahead to
aggressively generate internal growth and to pursuing accretive acquisitions in our core competencies
as demonstrated by the creation of our eighth television station duopoly with our agreement to acquire
KCAL-T V in Los Angeles, the nation’s second-largest broadcast market. Additionally, we continue to
generate wealth for our shareholders through the purchase of Viacom stock.”
Mel Karmazin, President and Chief Operating Officer of Viacom, said, “ We are proud of our
performance in 2001, which was not only a record year for the Company, but one in which we
delivered $3.0 billion in free cash flow, an 80% increase over the prior year. Virtually every one of
our business units used its preeminent position and superior management to continue to outpace its
competition and take market share in the worst economic environment in a decade. In 2002, we will
continue to drive our businesses to outperform both creatively and financially and take full advantage
of our brand and sales leadership.
“ As we have proven, Viacom’s unique set of businesses, strong operational focus and disciplined
financial philosophy enable the Company to grow even in an adverse and highly competitive
economic environment,” Mr. Karmazin added. “ Our very strong balance sheet also enables us to
continue to take advantage of acquisition opportunities, like KCAL, while maintaining our investment
grade rating. Sumner and I are confident that this successful combination of day-to-day focus and
long-term vision, along with the significant investments that we continue to make in new
programming and platforms, positions Viacom to perform well in an unfavorable economic
environment and to accelerate its growth rapidly as the economy turns.”

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For the fourth quarter of 2001, Viacom reported revenues of $6.04 billion, EBIT DA of $1.06
billion and free cash flow of $1.38 billion, or $.77 per diluted share, versus revenues of $6.36
billion, EBIT DA of $1.36 billion and free cash flow of $942 million, or $.61 per diluted share, for
the same prior-year period. Viacom recorded fourth quarter 2001 pro forma revenues of $6.04
billion and pro forma EBIT DA of $1.22 billion, versus pro forma revenues of $6.31 billion and
pro forma EBIT DA of $1.35 billion for the same quarter in 2000. Viacom’s pro forma results for
the fourth quarter of 2001 were led by EBIT DA growth in four of its six segments, including 15%
from Cable Networks, 15% from Video and 13% from the Entertainment segment.
Viacom reported a net loss of $224 million, or a loss of $.13 per share, for the year ended
December 31, 2001, including a net loss of $43 million, or a loss of $.02 per share, for the fourth
quarter. As previously announced, full year and fourth quarter results include one-time charges to
EBIT DA for Blockbuster, MT V Networks and UPN of $512 million, of which $159 million is
reflected in the fourth quarter. Additionally, the Company recognized a one-time, pre-tax gain of
$288 million in the fourth quarter 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, the Company reported a net loss of
$140 million, or a loss of $.08 per share, for the fourth quarter and year ended December 31,
2001. In 2000, Viacom reported a net loss of $816 million, or a loss of $.67 per share, for the
twelve-month period and net earnings in the fourth quarter of $30 million, or $.02 per share.
Busine ss O utlook
As previously projected, the Company believes that, if current economic conditions continue,
Viacom will achieve double-digit pro forma EBIT DA growth for the full year 2002. While
economic trends in the first quarter of 2002 continue to mirror the soft conditions experienced in
the fourth quarter of 2001, the Company believes there is potential to outperform its current
2002 projection should the economic climate improve materially.

4. 4
Se gme nt Re sults
T he table below presents fourth quarter 2001 and 2000 Revenues and EBIT DA on a reported and pro
forma basis.
Fourth Q uarter
(1)
(dollars in millions) Reported Pro Forma
2001 2000 B/(W)% 2001 2000 B/(W)%
Revenues:
Cable Networks $ 1,156.6 $ 1,197.5 (3)% $ 1,155.4 $1,204.5 (4)%
Television 2,005.3 1,959.8 2 2,004.2 1,915.7 5
Infinity 938.9 1,066.3 (12) 938.4 1,054.5 (11)
Entertainment 785.4 700.7 12 785.4 700.7 12
Video 1,358.1 1,340.8 1 1,358.1 1,340.8 1
Publishing 193.8 183.0 6 193.8 183.0 6
Segment Revenues 6,438.1 6,448.1 6,435.3 6,399.2 1
—
Intercompany eliminations (398.2) (91.9) NM (398.2) (91.0) NM
Total Revenues $ 6,039.9 $ 6,356.2 (5)% $ 6,037.1 $6,308.2 (4)%
EBITDA:
(2)
Cable Networks $ 463.7 $ 450.8 3% $ 528.3 $ 458.9 15%
(2)
Television 230.4 296.2 (22) 283.5 281.0 1
Infinity 385.1 490.2 (21) 385.0 483.2 (20)
Entertainment 28.1 24.8 13 28.1 24.8 13
(2)
Video 135.6 152.2 (11) 175.0 152.2 15
Publishing 31.3 36.9 (15) 31.3 36.9 (15)
Segment EBITDA 1,274.2 1,451.1 (12) 1,431.2 1,437.0 —
Corporate expenses/eliminations (190.1) (59.4) (220) (190.1) (59.4) (220)
Residual costs of discontinued operations (24.4) (29.9) 18 (24.4) (29.9) 18
Total EBITDA $ 1,059.7 $ 1,361.8 (22)% $ 1,216.7 $1,347.7 (10)%
NM – not m eaningful
(1) P ro form a results principally reflect the acquisition of the rem aining interests of Infinity and the acquisition of
B ET , television station swaps and the deconsolidation of iW on.com , which was previously a m inority-
owned consolidated subsidiary, as if they had occurred on January 1, 2000. P ro form a results are also
adjusted to exclude the B lockbuster charge, M T VN and UP N restructuring charges, and transactions with
divested investm ents.
(2) R eported EB IT DA for the fourth quarter of 2001 includes one-tim e charges of $67 m illion in C able
Networks, $53 m illion in T elevision, and $39 m illion in Video.

5. 5
Cable Ne tworks (MTV Networks (MTVN) including MTV, VH1, Nickelodeon/Nick at Nite, TV Land,
TNN: The National Network and CMT; BET; and Showtime Networks Inc.)
For the year, Cable Networks pro forma revenues increased 4% to $4.28 billion and pro forma
EBIT DA increased 19% to $1.76 billion, principally reflecting revenue growth in cable affiliate fees,
DBS revenues and increased efficiencies. For the quarter, Cable Networks’ pro forma revenues and
EBIT DA were $1.16 billion and $528 million, versus pro forma revenues and EBIT DA of $1.20 billion
and $459 million in the prior year period, principally reflecting the decrease in advertising revenues
due to continued softness in the advertising market. Effective cost containment measures at the
channels contributed to the EBIT DA growth. For the 19 th consecutive quarter, MT V was the No. 1
cable network for the core 12-to 24-year-old audience. For the first time in MT V’s 20 year history,
five series delivered ratings of 2.0 or higher for age 12-34, including Real World X, which was the top-
rated cable series of 2001 on T uesday nights. Nickelodeon finished 2001 with its biggest kids’ audience
in its 22-year history and advanced its standing (25 consecutive quarters) as basic cable’s No. 1 network
among kids and households in total day for 2001 and fourth quarter. Despite the challenging economic
environment, BET delivered a strong performance in 2001 with higher advertising sales driven by
increased pricing, and higher affiliate fee revenue. Showtime subscriptions increased 10% over the
prior year by approximately 2.9 million to 31.3 million subscriptions at December 31, 2001.
During the fourth quarter of 2001, MT VN recorded a restructuring charge of $67 million principally
reflecting severance from the reduction of workforce. Pro forma results for all periods presented
assume the acquisitions of T NN, CMT and BET had occurred on January 1, 2000 and are adjusted to
exclude the impact of the restructuring charge and transactions with divested investments.
Te le vision (CBS and UPN Television Networks and Stations; Television Production and Syndication)
For the year, T elevision’s pro forma revenues of $7.24 billion increased 2% from $7.09 billion and pro
forma EBIT DA of $1.24 billion increased 1% from $1.23 billion. For the quarter, T elevision’s pro
forma revenues of $2.0 billion increased 5% from $1.92 billion and pro forma EBIT DA of $284
million increased 1% from $281 million. T he full year and fourth quarter results were led by the CBS
Network, which delivered double-digit revenue growth in primetime due to increased pricing and ratings.
T elevision’s full year and fourth quarter results benefited from higher revenues from continuing

6. 6
network shows, including Paramount T elevision Group’s Frasier and JAG, as well as network revenues
for its new series Enterprise, and the licensing of Star Trek: The Next Generation and Cheers. UPN
reported higher advertising revenues in 2001. T he revenue and EBIT DA growth at the CBS Network
and in syndication was partially offset by lower advertising sales for television stations due to
continuing weakness in the advertising market.
During the 2000/2001 season, the Super Bowl on the CBS Network was the top-rated broadcast among
households and viewers. Survivor: The Australian Outback was the number one ranked series of the
season and CSI: Crime Scene Investigation was the No. 1 new series of the season, also among
households and viewers. With the success of these, and other highly-rated programs, including
Everybody Loves Raymond and The District, the CBS Network was the most-watched and highest-rated
network among viewers and households. UPN benefited from ratings improvements and experienced
its best fourth quarter performance in the network’s history among adults 18-34 and total viewers.
Pro forma results assume that the CBS merger and the acquisition of the remaining 50% of UPN had
occurred on January 1, 2000. In November 2001, the Company completed the television station
swaps of WDCA-T V Washington D.C. and KT XH-T V Houston in exchange for KBHK-T V San
Francisco and pro forma results reflect the impact of the swaps as if they had occurred on January 1,
2000. Pro forma results are also adjusted to exclude a restructuring charge associated with the
integration of UPN with CBS operations of $53 million, and transactions with divested investments.
Infinity (Radio Stations, Outdoor Advertising Properties)
For the year, Infinity recorded pro forma revenues of $3.67 billion and pro forma EBIT DA of $1.52
billion, versus pro forma revenues of $3.97 billion and pro forma EBIT DA of $1.74 billion for 2000.
For the quarter, Infinity recorded pro forma revenues of $938 million and pro forma EBIT DA of $385
million, versus pro forma revenues of $1.05 billion and pro forma EBIT DA of $483 million for the
prior year’s fourth quarter. T he full year and fourth quarter results reflect lower revenues due to the
continuing softness in the advertising market and lower demand from the technology sector. Infinity
continues to be the largest cash flow contributor to the Company. Pro forma results for all periods
presented assume the acquisition of the remaining interest of Infinity had occurred January 1, 2000 and

7. 7
exclude transactions with divested investments. Pro forma results also assume the completion of all
acquisitions and related divestitures of radio and outdoor properties by Infinity had occurred at the
beginning of each period presented.
Ente rtainme nt (Paramount Pictures, Famous Players, Famous Music Publishing and Paramount
Parks)
For the year, Entertainment reported revenues of $2.95 billion and EBIT DA of $317 million, versus
revenues of $2.76 billion and EBIT DA of $369 million in the prior year. For the quarter, Entertainment
reported revenues of $785 million and EBIT DA of $28 million versus revenues of $701 million and
EBIT DA of $25 million in the prior year period. T he full year and fourth quarter results reflect higher
Features and T heaters revenues, principally led by higher home video revenues, which included domestic
contributions from Lara Croft: Tomb Raider, The Score and the release of The Godfather DVD
Collection, partially offset by lower theatrical film revenues. Paramount’s domestic theatrical releases in
the fourth quarter included Vanilla Sky, Jimmy Neutron: Boy Genius and Domestic Disturbance. Higher
T heaters’ revenues for the full year and fourth quarter were driven by higher attendance and increased
admission prices and per capita concession spending. Entertainment’s full year and fourth quarter
EBIT DA reflects the impact of the revenue increases, however, the full year increases were more than
offset by the print and advertising costs associated with the higher number of pictures in theatrical
release during the second half of the year.
Vide o (Blockbuster)
For the year, Video revenues of $5.16 billion increased from $4.96 billion and pro forma EBIT DA of
$596 million increased from $535 million driven by higher worldwide same store sales and an increase in
the number of company-operated stores. Worldwide same store sales, including rental and retail product,
increased 2.5% driven by strong international growth. On a pro forma basis, Blockbuster’s gross profit
margins were 59.6% in 2001 versus 59.0% in 2000. For the quarter, Video’s revenues of $1.36 billion
increased from $1.34 billion and pro forma EBIT DA of $175 million, increased from $152 million,
principally due to higher worldwide same store sales of 2.8%. On a pro forma basis, Blockbuster’s gross
profit margins were 58.7% for the fourth quarter of 2001, versus 57.8% for the fourth quarter of 2000.
Blockbuster ended the fourth quarter of 2001 with 7,981 company-owned and franchise stores, a net

8. 8
increase of 304 stores over the fourth quarter of 2000. Viacom owns approximately 81% of Blockbuster
(NYSE: BBI).
Pro forma results for the fourth quarter and full year 2001 are adjusted to exclude the previously
announced Blockbuster charge 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. In the third quarter, Blockbuster recorded a pre-tax, primarily non-cash charge of
$356 million, of which
$353 million impacted EBIT DA. An additional EBIT DA charge of $39 million was recorded in the
fourth quarter, principally related to the change in accounting estimates.
Publishing (Simon & Schuster)
For the year, Publishing reported revenues of $649 million and EBIT DA of $65 million, versus
revenues of $596 million and EBIT DA of $71 million. For the quarter, Publishing reported
revenues of $194 million and EBIT DA of $31 million, versus revenues of $183 million and
EBIT DA of $37 million for the prior year period. T he full year and fourth quarter results reflect
increased sales in the T rade, Pocket Books and Children’s divisions, offset by higher information
systems costs in the current year. Publishing’s best-selling titles in the fourth quarter included Self
Matters by Phillip C. McGraw, He Sees You When You’re Sleeping by Mary Higgins Clark and
Dreamcatcher by Stephen King.
Corporate Expe nse s/Eliminations
For the year, pro forma corporate expenses, excluding intersegment profit eliminations, decreased
24% to $148 million. For the quarter, Corporate expenses, excluding intersegment profit
eliminations, decreased 6% to $43 million, principally due to effective cost containment measures.
Intersegment eliminations for the full year and fourth quarter of 2001 principally reflect the profit
elimination of television programming sales to cable networks.

9. 9
Twelve Months Ended December 31,
(1)
(dollars in millions) Reported Pro Forma
2001 2000 B/(W)% 2001 2000 B/(W)%
Revenues:
Cable Networks $ 4,297.6 $ 3,951.0 9% $ 4,282.4 $ 4,111.3 4%
Television 7,247.7 5,426.4 34 7,239.9 7,093.7 2
Infinity 3,670.2 2,764.7 33 3,668.2 3,967.5 (8)
Entertainment 2,950.2 2,758.3 7 2,950.2 2,758.3 7
Video 5,156.7 4,960.1 4 5,156.7 4,960.1 4
Publishing 648.7 596.0 9 648.7 596.0 9
Segment Revenues 23,971.1 20,456.5 17 23,946.1 23,486.9 2
Intercompany eliminations (748.3) (412.8) (81) (748.3) (394.6) (90)
Total Revenues $ 23,222.8 $ 20,043.7 16% $23,197.8 $ 23,092.3 —
EBITDA:
(2)
Cable Networks $ 1,682.0 $ 1,373.3 22% $ 1,759.6 $ 1,475.2 19%
(2)
Television 1,188.5 919.1 29 1,244.0 1,225.7 1
Infinity 1,517.7 1,282.6 18 1,516.2 1,737.2 (13)
Entertainment 316.7 368.8 (14) 316.7 368.8 (14)
(2)
Video 204.1 534.8 (62) 596.2 534.8 11
Publishing 65.1 71.3 (9) 65.1 71.3 (9)
Segment EBITDA 4,974.1 4,549.9 9 5,497.8 5,413.0 2
Corporate expenses/eliminations (339.7) (928.0) 63 (339.7) (296.9) (14)
Residual costs of discontinued operations (87.2) (77.5) (13) (87.2) (120.8) 28
Total EBITDA $ 4,547.2 $ 3,544.4 28% $ 5,070.9 $ 4,995.3 2%
(1) P ro form a results principally reflect the C B S m erger, the acquisitions of the rem aining interests of Infinity and
UP N and the acquisition of B ET , television station swaps and the deconsolidation of iW on.com , which was
previously a m inority-owned consolidated subsidiary, and other acquisitions and divestitures of radio and
outdoor properties, as if they had occurred on January 1, 2000. P ro form a results are also adjusted to exclude
the B lockbuster charge, M T VN and UP N restructuring charges, the second quarter 2000 m erger-related charge
and transactions with divested investm ents.
(2) R eported EB IT DA for the twelve m onths ended Decem ber 31, 2001 includes one-tim e charges of $67 m illion
in C able Networks, $53 m illion in T elevision, and $392 m illion in Video.
Other Matters
Effective first quarter 2002, the Company will adopt SFAS No. 142, “ Goodwill and Other Intangible Assets,” which
requires that goodwill and intangible assets with indefinite lives be tested for impairment annually rather than amortized
over time. The Company has determined that with the exception of Blockbuster, none of its reporting units have an
impairment. The impairment charge will be determined after the fair value of Blockbuster has been allocated to its
specific assets and liabilities and will be recognized as a cumulative effect of a change in accounting principle. Any
potential write-off of Blockbuster’s goodwill would represent an insignificant decrease relative to the Company’s
consolidated goodwill of approximately $71 billion. Also, as a result of the new accounting standard, future

10. 10
amortization expense will be significantly lower. The Company anticipates full year 2002 amortization expense to be
approximately $100 million.
For the year ended December 31, 2001, the Company repurchased approximately 24.2 million shares of the Company’s
Class B Common Stock for approximately $1.03 billion under its stock repurchase programs, of which $254 million
was spent in the fourth quarter.
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, TNN: The National Network, CMT: Country Music Television, Showtime, Blockbuster and Simon &
Schuster. More information about Viacom and its businesses is available at http://www.viacom.com.
Cautionary Statement Concerning Forward-looking Statements
T his docum ent contains both historical and forward-looking statem ents. All statem ents, including B usiness Outlook,
other than statem ents of historical fact are, or m ay be deem ed to be, forward-looking statem ents within the m eaning of
section 27A of the S ecurities Act of 1933 and section 21E of the S ecurities Exchange Act of 1934. T hese forward-
looking statem ents are not based on historical facts, but rather reflect the C om pany’ s current expectations concerning
future results and events. S im ilarly, statem ents that describe our objectives, plans or goals are or m ay be forward-
looking statem ents. T hese forward-looking statem ents involve known and unknown risks, uncertainties and other factors
which m ay cause the actual results, perform ance or achievem ents of the C om pany to be different from any future results,
perform ance and achievem ents expressed or im plied by these statem ents. T he following im portant factors, am ong others,
could affect future results, causing these results to differ m aterially from those expressed in our forward-looking
statem ents: advertising m arket conditions generally; changes in the public acceptance of the C om pany’ s program m ing;
changes in technology and its effect on com petition in the C om pany’ s m arkets; changes in the F ederal C om m unications
Laws and R egulations and the outcom e of related court cases; other dom estic and global econom ic, business,
com petitive and/or regulatory factors affecting the C om pany’ s businesses generally; and other factors described in the
C om pany’ s previous press releases and filings m ade under the securities laws. T he forward-looking statem ents included
in this docum ent are m ade only as of the date of this docum ent and under section 27A of the S ecurities Act and section
21E of the Exchange Act, we do not have any obligation to publicly update any forward-looking statem ents to reflect
subsequent events or circum stances.
Contacts:
Pre ss: Inve stors:
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

11. 11
VIACO M INC. AND SUBSIDIARIES
CO NDENSED STATEMENTS O F O PERATIO NS
(Unaudite d; all amounts, e xce pt pe r share amounts, are in millions)
Three months ended Twelve months ended
December 31, December 31,
2001 2000 2001 2000
Revenues $ 6,039.9 $ 6,356.2 $ 23,222.8 $20,043.7
Operating income $ 277.0 $ 598.8 $ 1,460.2 $ 1,320.9
Other income (expense):
Interest expense, net (211.4) (244.9) (932.1) (769.1)
Other items, net 290.8 23.3 254.7 8.8
Earnings before income taxes 356.4 377.2 782.8 560.6
Provision for income taxes (314.9) (259.6) (922.5) (729.8)
Equity in loss of affiliated companies, net of tax (85.1) (52.8) (127.0) (124.2)
Minority interest, net of tax 5.0 (34.4) 47.1 (70.4)
Net earnings (loss) before extraordinary item and
cumulative effect of change in accounting principle (219.6) (363.8)
(38.6) 30.4
Extraordinary item, net of tax (3.9) — (3.9) —
Cumulative effect of change in accounting principle,
net of tax — — — (452.3)
Net earnings (loss) $ (42.5) $ 30.4 $ (223.5) $ (816.1)
Basic and diluted earnings (loss) per common share:
Net earnings (loss) before extraordinary item and
cumulative effect of change in accounting principle $ (0.02) $ 0.02 $ (0.13) $ (0.30)
Net earnings (loss) $ (0.02) $ 0.02 $ (0.13) $ (0.67)
Weighted average number of common shares:
Basic 1,759.7 1,498.2 1,731.6 1,225.3
Diluted 1,759.7 1,531.1 1,731.6 1,225.3
Basic and diluted earnings (loss) per share, excluding one-
(1) (2)
time items $ (0.08) $ 0.05 $ (0.08) $ 0.15
(1) For 2001, basic and diluted loss per share exclude the one time Blockbuster 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.
(2) For 2000, basic and diluted earnings per share exclude merger-related charges, cumulative effect of change in
accounting and impairment losses related to the Company’s internet investments.