VIACOM &lt;VIA> RECEIVES TWO REVISED OFFERS

  Viacom International Inc said it
  received revised merger offers from &lt;National Amusements Inc>
  and &lt;MCV Holdings Inc>.
      The company said the special committee plans to meet later
  today to review both offers.
      Viacom said National Amusements' Arsenal Holdings Inc
  raised the value of its offer for the Viacom shares not held by
  National Amusements in three areas. National Amusements holds
  19.6 pct of Viacom's stock.
      The cash value of the offer was raised to 42.00 dlrs from
  the 40.50 dlrs a Viacom share offered February 23 while the
  value of the fraction of a share of exchangeable preferred
  being offered was increased to 7.50 dlrs a share from six dlrs.
  The interest rate to be used to increase the cash value of the
  merger, if delayed beyond April 30, was raised to nine pct from
  eight pct and 12 pct after May 31.
      A Viacom spokesman said the Arsenal Holdings's offer
  continues to include a 20 pct interest in Arsenal for present
  Viacom shareholders.
      Viacom said MCV Holdings, a group which includes the
  company's senior management and the Equitable Life Assurance
  Society of the United States, raised the value of its offer by
  increasing the value of the preferred being offered to 8.50
  dlrs from 8.00 dlrs a share and raising the ownership in the
  new company to be held by present Viacom shareholders to 45 pct
  from 25 pct. MCV called its previous offer, made February 26,
  the "final" proposed revision of its agreement with Viacom.
  

