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Technology Stocks : Source Media SRCM -- Ignore unavailable to you. Want to Upgrade?

To: Smilodon who wrote (2740)	7/30/1999 1:29:00 AM
From: Q.	Read Replies (1) \| Respond to of 3015

Headline: Source Media Transaction Terminates Pending Joint Venture with TV Guide ====================================================================== TULSA, Okla., July 29 /PRNewswire/ -- TV Guide, Inc. (NASDAQ:TVGIA) today announced that it was notified this morning by the CEO of Source Media (NASDAQ:SRCM) of their intention to pursue a similar transaction with an entity affiliated with an insider and member of their board of directors. The board member had access to material confidential information regarding the pending joint venture between TV Guide and Source Media. The Source Media press release issued this afternoon confirmed the transaction with the other party. The joint venture between TV Guide and Source Media was previously announced on February 11, 1999 as an agreement in principle with certain binding provisions between TV Guide (formerly United Video Satellite Group) and Source Media. TV Guide strongly believes that Source Media has breached several of its obligations under the binding provisions of such agreement including but not limited to their obligations to negotiate in good faith and exclusively with TV Guide to consummate the transaction. TV Guide intends to vigorously pursue all of its remedies against Source Media and all other responsible parties. TV Guide is a global diversified media and communications company that operates three primary business units, TV Guide Entertainment Group, TV Guide Magazine Group, and United Video Group. TV Guide markets and distributes products in the United States to over 100 million cable and satellite homes every week. TV Guide also markets its products internationally in 22 countries. TV Guide Magazine and TV Guide Channel are the largest print and electronic guidance products in the world. TV Guide has unparalleled consumer reach with the following products and cable/satellite services: * TV Guide Magazine -- 12 million subscribers -- 35 million weekly readers * TV Guide Channel -- 50 million subscribers -- 28 million weekly viewers * TV Guide Interactive -- 34 million homes passed -- 2.3 million subscribers * TV Guide On-Line -- 37 million page views/month -- >73,000 unique users per day * The Cable Guide -- 4 million subscribers -- 10 million weekly readers * Sneak Prevue -- 33 million subscribers * WGN -- 46 million subscribers * KTLA -- 3 million subscribers * WPIX -- 3 million subscribers * Denver 6 Services -- 4 million subscribers TV Guide operates several other business units including: Superstar/Netlink Group, LLC -- SpaceCom Systems -- Television Games Network -- SSDS -- TV Guide Media Sales -- TV Guide Affiliate Sales -- TV Guide Enterprise Solutions -- TV Guide International -- MMDI. For up to date information about TV Guide companies, please access our Internet home page at www.tvguideinc.com . TV Guide trades on the Nasdaq stock market under the symbol TVGIA. FOR MORE INFORMATION CONTACT: Craig Waggy at 1-800-331-4806 or 918-448-4000.