EXHIBIT 99.1
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                    Viacom will not extend CVR maturity date


     New York,  New York,  June 27,  1995 -- Viacom  Inc.  (AMEX:  VIA and VIAB)
announced  today  that  it will  not  extend  the  July 7  maturity  date on the
approximately  57 million  outstanding  contingent value rights (CVRs) issued in
connection with the Companys merger with Paramount Communcations Inc.

     Viacom said that,  based on trading to date,  the  Companys  payment to CVR
holders is expected  to be  approximately  $1.44 per CVR in cash,  or a total of
approximately  $83  million.  The Company  noted that the maximum  exposure  had
declined from $12 per CVR, or a total of approximately  $687 million at the time
the CVRs were issued.

     Under terms of the CVRs,  payment  will be made  through the paying  agent,
Harris Trust Company of New York.

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Contact:        Carl Folta
                212-258-6352