EXHIBIT 99.1


              VIACOM ANNOUNCES EXCHANGE RATE FOR PREFERRED STOCK
                     TO BE ISSUED IN CABLE EXCHANGE OFFER

New York, New York, July 18, 1996--Viacom Inc. (AMEX: VIA and VIAB) said that 
the preferred stock of its cable subsidiary to be issued in its pending exchange
offer would be exchangeable into TCI Stock at the rate of 4.810 shares of TCI
Stock for each share of cable subsidiary preferred stock, representing a premium
of 29.9% to the price of TCI Stock as of the close of business on July 18, 1996.
Viacom said that this exchange rate is a 25% premium to the weighted average
price of TCI stock on the prior 20 trading days.

The cable subsidiary preferred stock will be exchangeable at the holder's option
after the fifth anniversary of the date issued at the exchange rate announced
today.

TCI Stock refers to Tele-Communications, Inc. Series A TCI Group Common Stock 
(NASDAQ: TCOMA).

The exchange offer will expire at midnight (EDT) on Monday, July 22, 1996, 
unless extended.

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 Video, Blockbuster 
Music, MTV Networks, Paramount Parks, Paramount Pictures, Paramount Television, 
Showtime Networks, Simon & Schuster, Viacom Interactive Media, as well as cable 
systems serving 1.2 million customers, radio and television stations, and movie 
screens in 11 countries. Viacom also has a majority interest in Spelling 
Entertainment Group, as well as a substantial interest in Comedy Central, and 
USA Networks, including the Sci-Fi Channel. National Amusements, Inc., a closely
held corporation which owns and operates more than 1,000 screens in the U.S. 
and the U.K. is the parent company of Viacom. More information about Viacom is 
available at the Company's Web site located at http://www.viacom.com.


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Contact: Carl Folta
         (212) 258-6352