Joost Closes $45 Million in Financing

Joost(TM), the world's first broadcast-quality Internet television
service, today announced that five selected parties have collectively
invested approximately $45 million in the company. Each party invested
in a minority percentage of the company. This funding will enable
Joost (www.joost.com) to accelerate product development, global
expansion, localization, and service offerings.

Founded in January 2006 by Janus Friis and Niklas Zennstrom, Joost
is powered by a secure, efficient, Internet platform that enables
premium interactive, advertising-supported, video experiences while
providing copyright protection for content owners and creators. Joost
can be accessed with a broadband Internet connection and offers
content to viewers for free.

"This funding represents a tremendous vote of confidence in
Joost's platform," said Janus Friis, co-founder of Joost. "We've
carefully selected these investors from a variety of interested
parties, as they are best-in-class in their respective arenas and
bring unique assets to Joost that will enable us to significantly
accelerate growth and development of the Company."

Index Ventures, a leading European venture capital firm, which
invests in impactful technologies that have global reach, led the
round with Sequoia Capital, the premier venture capital firm in the
world. Sequoia Capital has been the first investor and business
partner in companies that make up 10% of the NASDAQ's value. In
combination, Index Ventures and Sequoia Capital bring unrivaled
expertise and alliances in Europe, Asia and North America.

Danny Rimer, general partner of Index Ventures said, "We are
excited to be working with Niklas and Janus once again as we see the
same ground-breaking potential in Joost that we saw in Skype. By
leveraging proven P2P architecture and assembling a world class
management team, they have made a powerful idea simple and brought new
services to market in record time. Our investment in Joost signals
Index Ventures' continued commitment to investing in impactful
technologies."

Roelof Botha, general partner, Sequoia Capital, added, "Feature
length video on the Internet has been long on promise and short on
delivery for some time. Full screen commercial content delivered
online has simply not been compelling for the viewer and has been far
too costly for the content owners. Joost allows content owners to
reach audiences of any size at any time where the viewer can 'lean
back' to enjoy an immersive yet interactive video experience. At the
same time, Joost enables brand marketers to efficiently deliver
precisely targeted and measurable advertisements. This ability poises
the company to expand the video distribution business and capture an
enormous market opportunity."

Li Ka-shing, chairman of Hutchison Whampoa Limited and Cheung Kong
Holdings, invested in Joost through his charitable foundation, the Li
Ka Shing Foundation. Mr. Li is a valued partner in Asia. Joost expects
to work with Mr. Li and his respective affiliated companies, to expand
its distribution in China and other parts of Asia.

Mr. Li Ka-shing stated, "We were excited about the opportunity to
invest in Niklas and Janus. With the quality, content, speed and
usability of Joost's platform, and the community-targeted service
offerings, we expect Joost will revolutionize the Internet television
market."

As previously announced, CBS Corporation (NYSE: CBS, CBS.A) and
Viacom are also content partners, providing channels and programming
on Joost.

In addition to its investment, CBS has contributed more than 2000
hours of CBS entertainment, sports and news programming. Entertainment
programming offered includes the full CSI franchise, SURVIVOR, NCIS,
NUMB3RS and FAT ACTRESS, news content includes THE CBS EVENING NEWS
WITH KATIE COURIC, FACE THE NATION, clips form THE EARLY SHOW, 48
HOURS, and CBS SUNDAY MORNING and sports content includes COLLEGE
FOOTBALL HIGHLIGHT SHOW, NFL TODAY HOT TOPIC, GAME OF THE WEEK,
ONE2ONE and GO PRO OR GO HOME.

Also an investor in the round, Viacom is a "Key Launch Partner"
providing channels and programming from across all of its properties
including: Comedy Central, MTV, VH1 and Paramount Pictures. MTV will
offer popular shows, both past and present, including Laguna Beach,
Beavis & Butthead, Real World, Punk'd and My Super Sweet Sixteen,
while COMEDY CENTRAL will feature episodes from Stella, CCP's and
Freak Show. Also, Paramount Pictures will be providing full-length
feature films from its catalog of classics and recent releases.

About Joost(TM)

Joost(TM) provides a new way of watching TV that combines the best
of full-screen television entertainment with the interactive and
community benefits of the Internet to bring broadcast-quality video to
viewers anytime, anywhere. Based on a state-of-the-art, secure,
peer-to-peer streaming technology, Joost can be accessed with a
broadband Internet connection and offers video content to viewers for
free. Joost features more than 150 channels with programming across
all genres, including: cartoons and animation; entertainment and film;
sports; comedy; lifestyle and documentaries; and sci-fi. Channels and
programs available on Joost vary by geographic region, based on
copyright ownership. To learn more about Joost, visit www.joost.com.

About Index Ventures

Index Ventures has been active in technology venture investing
since 1996. The firm is dedicated to helping great entrepreneurial
teams in the information technology and life science sectors build
their companies into market-defining global leaders. The firm has
offices in Geneva, London and Jersey. Index Ventures is an active
investor in the consumer internet sector and investments of note
include Last.fm, the online social music revolution and Stardoll, the
celebrity doll dress up site for the girls. Other landmark investments
include Betfair, the world's largest betting exchange, Skype, recently
sold to eBay, and Genmab, one of the largest antibody companies in the
world. For more information, please visit http://www.indexventures.com

About Sequoia Capital

Sequoia Capital provides startup venture capital for very smart
people who want to turn ideas into companies. As the "Entrepreneurs
Behind the Entrepreneurs", Sequoia Capital's Partners have worked with
innovators such as Steve Jobs of Apple Computer, Larry Ellison of
Oracle, Bob Swanson of Linear Technology, Sandy Lerner and Len Bozack
of Cisco Systems, Dan Warmenhoven of Network Appliance, Jerry Yang and
David Filo of Yahoo!, Jen-Hsun Huang of nVIDIA, Michael Marks of
Flextronics, Larry Page and Sergey Brin of Google, Chad Hurley and
Steve Chen of YouTube, Steve Goldman and Sujal Patel of Isilon Systems
and Dominic Orr and Keerti Melkote of Aruba Wireless Networks. To
learn more about Sequoia Capital visit www.sequoiacap.com.

About Li Ka Shing Foundation

Li Ka Shing Foundation is a charitable foundation established by
Mr. Li Ka-shing in 1980 to nurture a culture of giving and to
co-ordinate donations towards medical, education, cultural and other
community welfare projects. Over the years, the Foundation and other
private charitable foundations established by Mr. Li have supported
numerous charitable activities with grants, sponsorships and
commitments of over US$1 billion. The Foundation makes selective
investment in quality projects both in Hong Kong and overseas from
time to time to increase capital return for its charitable objectives.

About CBS Corporation

CBS Corporation (NYSE: CBS.A and CBS) is a mass media company with
constituent parts that reach back to the beginnings of the broadcast
industry, as well as newer businesses that operate on the leading edge
of the media industry. The Company, through its many and varied
operations, combines broad reach with well-positioned local
businesses, all of which provide it with an extensive distribution
network by which it serves audiences and advertisers in all 50 states
and key international markets. It has operations in virtually every
field of media and entertainment, including broadcast television (CBS
and The CW - a joint venture between CBS Corporation and Warner Bros.
Entertainment), cable television (Showtime and CSTV Networks), local
television (CBS Television Stations), television production and
syndication (CBS Paramount Network Television and CBS Television
Distribution), radio (CBS Radio), advertising on out-of-home media
(CBS Outdoor), publishing (Simon & Schuster), interactive media (CBS
Interactive), music (CBS Records), licensing and merchandising (CBS
Consumer Products), video/ DVD (CBS Home Entertainment) and motion
pictures (CBS Feature Films). For more information, log on to
www.cbscorporation.com.

About Viacom

Viacom is a leading global entertainment content company, with
prominent and respected brands. Engaging its audiences through
television, motion pictures and digital platforms, Viacom seeks to
reach its audiences however they consume content. Viacom's leading
brands include the multiplatform properties of MTV Networks, including
MTV: Music Television, VH1, CMT: Country Music Television, Logo,
Nickelodeon, Nick at Nite, COMEDY CENTRAL, Spike TV, TV Land, and more
than 130 networks around the world, as well as digital assets such as
MTV.com, comedycentral.com, VSPOT, TurboNick, Neopets, Xfire and
iFilm; BET Networks; Paramount Pictures; DreamWorks; and Famous Music.
More information about Viacom and its businesses is available at
www.viacom.com.