EXHIBIT 99.1



              VIACOM INC. COMPLETES SALE OF MADISON SQUARE GARDEN


     New York,  New York,  March 10,  1995 -- Viacom Inc.  (AMEX:  VIA and VIAB)
announced  today the  completion of the sale of the operations of Madison Square
Garden to a partnership of ITT Corporation  (NYSE: ITT) and Cablevision  Systems
Corporation  (AMEX:  CVC) for  $1.075  billion.  In  accordance  with the merger
agreement,  the  net  proceeds  were  adjusted  by  approximately  $66  million,
reflecting changes in working capital.

     Viacom  announced  the  agreement  to sell  Madison  Square  Garden,  which
includes the New York facility,  the resident  professional  sports teams -- the
Knicks and the Rangers -- and the MSG regional cable sports  network,  in August
1994. Proceeds from the sale will be used to repay debt.

     Viacom Inc.  is one of the world's  largest  entertainment  and  publishing
companies and a leading force in nearly every segment of the international media
marketplace.  The operations of Viacom include  Blockbuster  Music;  Blockbuster
Video; MTV Networks;  Paramount Parks; Paramount Pictures; Paramount Television;
Showtime  Networks;  Simon & Schuster;  Viacom  Interactive Media; cable systems
serving 1.1 million  customers,  as well as radio and television  stations;  and
movie  screens  in 11  countries.  Viacom  also has a  substantial  interest  in
Discovery Zone and a majority interest in Spelling Entertainment Group. National
Amusements,  Inc., a closely held corporation  which owns and operates more than
900 movie screens in the U.S. and the U.K., is the parent company of Viacom.

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Contact:       Carl Folta
               212/258-6352





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