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Technology Stocks : Ampex Corporation (AEXCA) -- Ignore unavailable to you. Want to Upgrade?

To: john adriaan kolenberg who wrote (8782)	5/25/1999 9:40:00 AM
From: Paul Lee	Read Replies (1) \| Respond to of 17679

Ampex Takes Majority Interest in Alternative Entertainment Network Television REDWOOD CITY, Calif.--(BUSINESS WIRE)--May 25, 1999-- Increased Investment in Leader in Streaming Media Entertainment and Information is Latest Part of Network of Video-Driven Sites on the Internet Further expanding its position in Internet video, Ampex Corporation (Amex:AXC), one of the world's top providers of visual information technologies and an increasing presence in the online video market, announced today that it has exercised its option to purchase a majority interest in Alternative Entertainment Network Television, Inc. (AENTV), www.aentv.com, a leading producer and aggregator of streaming media entertainment and information for the Internet. Closing will take place at the end of the second quarter. In February 1999, Ampex purchased approximately 20% of the capital stock in AENTV. Terms of the investment were not disclosed. The increased investment in AENTV closely follows Ampex's announcement last week of the Company's purchase of a majority interest in TV onthe WEB, Inc., www.tvontheweb.com, a leading Internet video provider. Ampex has also signed a letter of intent with ISS, LLC to form a joint venture, Executive Branch TV, www.exbtv.com, which will provide coverage of White House and executive agency activities online. These transactions are part of Ampex's strategic initiative to leverage its technological expertise and reputation for quality and innovation to create a new generation of television for the web. "AENTV is a compelling destination for on-demand streaming video, live webcasting, TV classics and original productions specifically tailored to the Internet audience and an important partner in our strategy to bring the power of television to the Internet," said Edward J. Bramson, Chairman of Ampex Corporation. "Our increased investment in AENTV, the development of Executive Branch TV along with our investment in TV on the WEB are significant steps in creating Ampex's Internet video network. As we investigate additional opportunities to add content and distribution capabilities in the U.S. and overseas, we are progressing with construction of our own Internet video production facilities in Los Angeles, which will be shared with AENTV, and in New York City." AENTV, which was recently named "one of the ten great video sites on the Internet" by Broadcasting & Cable magazine, is one of the largest on-demand streaming sites and owns or has aggregated hundreds of hours of video programming. It features such names as Sonny & Cher, Dick Cavett, Smothers Brothers, the Academy Awards archive library and the Golden Years of Television. In March 1999, AENTV presented the exclusive worldwide broadcast of Richard Burton's Hamlet, a streaming media event not available on television or cable. It has content alliances and licensing arrangements with companies such as Warner Bros. and Microsoft. In the fall, AENTV will launch an ambitious series of original productions designed specifically for Internet distribution. Separately, Ampex announced that it has revised its previously announced agreement to acquire a majority interest in Reiter Associates, a web hosting and Internet consulting services company, and will now remain a minority investor. The decision reflects Ampex's commitment to focus its energies exclusively on building a network of video-driven sites on the Internet. The Company also disclosed that it has now completed the acquisition of a majority interest in TV on the WEB, pursuant to the exercise of its option, as announced last week. Ampex Corporation, www.ampex.com, headquartered in Redwood City, California is one of the world's leading innovators of technologies for the visual information industry. The Company, a participant in the Internet revolution since its early days, is leveraging its core expertise in image-based markets to develop the next generation of TV by assembling a network of targeted video-driven sites on the Internet.