COMEDY CENTRAL� AND NATIONAL LAMPOON AGREE TO MULTI-PICTURE, FIRST WINDOW FILM PACKAGE

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Deal Includes "National Lampoon's Bag Boy," "National Lampoon's Ratko: The Dictator's Son" And National Lampoon's 301: The Legend of Awesomest Maximus Wallace Leonidas"

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NEW YORK, September 24, 2007 -- "Our audience matches up so well with the target demographic of the National Lampoon franchise and this deal enables us to give our viewers something special, the first opportunity to see the films outside of their theatrical runs," said Bernath.

"We're delighted to be partnering with COMEDY CENTRAL to deliver their viewers the broadcast premieres of National Lampoon's first ever in-house produced movies," said Daniels. "We can't think of a better broadcast partner for the National Lampoon brand than COMEDY CENTRAL, and we look forward to premiering more movies with them going forward."

NATIONAL LAMPOON'S BAG BOY

Set in the highly competitive world of championship grocery bagging, this is the tale of underdog Phil Piedmonstein and his quest to become the #1 grocery bagger in all the land, outbagging the invincible Cliff "The Windmill" Wynorski in the International Bag-Off and winning over the girl of his dreams in the process. The film will be executive produced by National Lampoon and The Farrelly Brothers ("Dumb & Dumber," "Kingpin," "There's Something About Mary" and directed by Mort Nathan (writer of "Kingpin," writer/director of "Boat Trip" and "National Lampoon's Van Wilder 2: The Rise of Taj").

NATIONAL LAMPOON'S RATKO: THE DICTATOR'S SON

The party animal son of Eastern Europe's most despicable tyrant comes to the United States to get his college education. When the reception isn't as warm as he expected, particularly from the politically active American girl who wins his heart, he realizes the error of his father's ways and helps change his country, and the world, for the better.

NATIONAL LAMPOON'S 301: THE LEGEND OF AWESOMEST MAXIMUS WALLACE LEONIDAS

A spoof of sword-and-sandal epics like "Troy", "Gladiator", "300" and "Braveheart," "National Lampoon's 301" will tell the tale of out of shape Spartan general, Awesomest, on his quest for greatness.

About National Lampoon

National Lampoon, Inc. (AMEX: NLN) has been a dominant force in the US comedy world for almost 40 years, and is currently active in a broad array of media and entertainment segments. These include feature films, television programming, online and interactive entertainment, home video, audio, and book publishing. The Company also owns interests in all major National Lampoon properties, including National Lampoon's Animal House, the National Lampoon Vacation series and National Lampoon's Van Wilder. National Lampoon reaches nearly one in four of all 18 to 24 year old college students in America today. The Company has three core operating divisions: National Lampoon Films, which includes production along with theatrical and video distribution of feature films; College Marketing Division; and National Lampoon Networks, providing humor content through a number of platforms.These include its National Lampoon College TV network, the National Lampoon Humor Network - the most trafficked humor sites on the web, Toga TV.com - the company's broadband channel, and the new National Lampoon Video Network, which includes channels on AOL, Yahoo, Joost, and a number of digital video platforms across the Internet. These are all anchored by the award winning comedy website www.nationallampoon.com.

About Comedy Central

COMEDY CENTRAL, the only all-comedy network, currently is seen in more than 91 million homes nationwide. COMEDY CENTRAL is owned by, and is a registered trademark of, Comedy Partners, a wholly-owned division of VIACOM Inc.'s (NYSE: VIA and VIA.B) MTV Networks. COMEDY CENTRAL's Internet address is www.comedycentral.com. For up-to-the-minute and archival press information and photographs visit Press Central, COMEDY CENTRAL's press Web site at www.comedycentral.com/press.