Simon & Schuster acquires 20% stake in Byron Preiss Multimedia

Business Wire, March 23, 1995

NEW YORK--(BUSINESS WIRE)--March 23, 1995--Byron Preiss Multimedia Co. Inc. (NASDAQ Symbol:CDRM) today announced that Simon & Schuster, the publishing operation of Viacom Inc. (AMEX Symbol:VIA), through an affiliate, has acquired a 20% equity interest in Byron Preiss Multimedia (through the issuance of 852,000 newly issued shares of the company's common stock -- $.001 par value) for an aggregate payment of $5,964,000. In connection with such acquisition, Byron Preiss Multimedia Co. Inc. issued newly authorized warrants exercisable at $7.00 per share, to enable the affiliate of Viacom to initially maintain its ownership interest in Byron Preiss Multimedia Co. Inc. In connection with the acquisition, Byron Preiss Multimedia Co. Inc. will increase its board of directors from four to five members, with a representative of Simon & Schuster filling the new board seat.

"We are proud to have entered into a long-term relationship with one of the world's innovative and fast-growing Publishing and Entertainment companies," stated Byron Preiss, chief executive officer of Byron Preiss Multimedia Co. Inc.

Viacom Inc. is one of the the world's largest entertainment publishing companies and a leading force in nearly every segment of the international media marketplace. Its operations include Blockbuster Music, Blockbuster Video, MTV Networks, Paramount Parks, Paramount Pictures, Paramount Television, Showtime Networks, Simon & Schuster and Viacom Interactive Media, as well as radio and television stations, and movie screens in eleven 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 approximately 900 movie screens in the United States and the United Kingdom, is the parent company of Viacom.

Headquartered in New York City, Byron Preiss Multimedia Co. Inc. develops and publishes multimedia software for the consumer, education, and small business markets.

CONTACT: Byron Preiss Multimedia Co. Inc.

James R. Dellomo, 212/989-6252 ext. 132