Mel Karmazin Believe Quotations

We believe that in offering shares of the new Infinity Broadcasting, we will unlock the value of our largest and fastest-growing operating segment -- our radio and outdoor businesses.

Most companies we spoke with believe they will return to normal advertising levels but are uncertain about the timing,

Viacom remains fundamentally strong, and we continue to believe that the company is well positioned for the remainder of 2001 and over the long term.

During the quarter, we announced acquisitions in virtually all operating areas of the company -- in television stations, the Internet, outdoor advertising and syndication, ... We believe these new investments will create significant value at both CBS and Infinity in the years ahead.

I believe that America deserves a choice in the content that it wants to receive.